The common European currency spent most of Tuesday on a negative note, thus breached the 55-, 100-, and the 200– hour SMAs. The Euro surrendered all it gains it has accumulated during the last three days.
During the second part of Wednesday's session, the currency pair was trading with high volatility. As a result, the pair breakout through the lower boundary of an ascending channel.
Given that a breakout had occurred, it could be that an upside potential might not present itself today. In addition, technical indicators suggest that the currency exchange rate is likely to continue its decline during the following trading sessions.
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