The 55– hour simple moving average provided resistance for the EUR/USD currency pair on Thursday. As a result, the common European currency declined by 32 pips or 0.27% against the US Dollar during Thursday’s trading session.
All things being equal, the exchange rate is likely to continue to edge lower during the following trading session. The potential target for sellers will be near the weekly S1 at 1.1788.
However, the currency exchange rate might encounter support near the 1.1800 level within this session.
