In line with expectations, the currency exchange rate continued to move in southern direction under pressure from the 55-hour SMA.

A short dip below the weekly S1 located at the 1.1573 level as well as the subsequent recovery signified two confirmation points, thus confirming existence of a fully-fledged junior descending channel.

As the upper-trend line of the pattern is additionally protected by the slipping 100- and 200-hour SMAs, the pair is not expected to make a sudden breakout to the north.

Accordingly, today the exchange rate is expected to test an area near the 1.1555 mark, which might represent a notable support barrier. The average market sentiment, which remains 58% bearish, confirms this general direction.

However, the above assumption might be altered due to beginning of Trump visit to China.