On Friday, the EUR/USD currency pair tested the resistance level—the monthly PP at 1.1867. During today’s morning, the pair dropped to 1.1800.
It is likely that some downside potential could prevail in the market, and the exchange rate could re-test the lower boundary of the medium-term descending channel circa 1.1730.
Meanwhile, note that the rate could gain support from the weekly and monthly S1s in the 1.1760 area and reverse north in the short term. In this case it is unlikely that the pair could exceed the given resistance level.
