In result of the previous trading session, the currency pair reached the bottom trend-line of a medium-term descending channel.
Previous trading session was significant in the way that the pair made a breakout from a symmetrical triangle.
A victory of the Angela Merkel's party in German Parliamentary elections expectedly led to appreciation of the Euro against the American Dollar.
In line with expectations, the currency pair made a fully-fledged rebound from the bottom trend-line of a dominant ascending channel yesterday.
A decision of the Fed to start reducing the size of its $4.5 trillion asset portfolio led to breakout from the rising wedge pattern and resulted in 125 pips appreciation of the Greenback against the Euro just in one hour.
In result of the previous trading session, the pair made an expected breakout from an ascending triangle and confirmed an existence of another pattern.
As it was expected, the currency pair did not make any notable moves yesterday because of the pressure from various moving averages as well as the weekly PP.
Even though released information on the US Retail Sales did not justify experts' forecasts, the currency pair failed to break above resistance, which located in the 19.85-95 area.
Despite positive developments in the US economy, the buck did not manage to secure these achievements and ended previous trading day near the weekly S1, which is located at the 1.1905 level.
Due to market reaction to release of data on the US PPI, the currency rate managed to break through the bottom edge of a senior ascending channel.
Yesterday the currency pair expectedly failed to make a fully-fledged rebound from the bottom trend-line of a dominant formation due to pressure from the 55- and 100-hour SMAs.
The common European currency continues to trade against the US Dollar, as expected by our analysts.
Last Friday the currency pair expectedly ended in a red zone, reaching a combination of the 55-hour SMA and the weekly PP at 1.1999
An announcement of the EU Minimum Bid Rate and the subsequent remarks delivered by Mario Draghi once again led to sharp advance of the currency pair.
During the whole previous trading day the currency pair was expectedly moving along the moving averages in minor ascending channel.
During the last five days the currency exchange rate was trying to break through the bottom edge of a senior ascending channel.
Unfortunately for the Euro, the currency pair continues to fluctuate near the bottom edge of a senior ascending channel.
On Friday, the currency pair unexpectedly continued the fall after release of disappointing data about the US labour market.
Yesterday the currency rate expectedly failed to break through the combined support level and was forced to make a rebound.
Yesterday the currency pair continued to slip in a small descending channel, following an encouraging release of information on the US Preliminary GDP.
Yesterday the buck expectedly restored some of the lost positions thanks to release of the satisfying US CB Consumer Confidence data.
The currency pair is continuing to surge, using an upside momentum created by the Jackson Hole Symposium last Friday.
The effects of the Jackson Hole symposium have taken full effect on the EUR/USD pair.
The day of the yearly central banker meeting has come. Today the EUR/USD currency pair will surely be affected by the speeches of the heads of the central banks. However,