On Thursday, the EUR/USD currency pair reversed south from the psychological level at 1.1860. During today’s morning, the pair was testing the support formed by the 55– and 200-hour SMAs, as well the weekly PP at 1.1800.
If the given support holds, it is likely that a reversal north could occur, and the Euro could appreciate against the US Dollar within the following trading session. A possible upside target is the 2020 high at 1.1903.
However, if the predetermined support does not hold, it is likely that bears could prevail in the market. In this case it is unlikely that the exchange rate could decline below the Fibo 61.80% at 1.1707
