EUR/USD advances in ascending channel

The Dollar was quoted weaker against the Euro on Thursday amid concerns that the Senate would postpone corporate tax cuts until 2019. The situation did not improve even when the House relevant committee approved the current tax plan.

On hourly chart these changes resulted only in minor adjustments of the current ascending channel boundaries. As an area near the 1.1630 level represents location of the weekly PP, the 55-, 100- and 200-hour SMAs, the exchange rate is not expected to make major advances in the southern direction.

On the other hand, starting from the 1.1660 and up until the 1.1680 mark the pair will face different resistance barriers, including the 23.6% Fibonacci retracement level, which most probably are going to hamper the pair from active surging as well.