EUR/USD did not gain major positions in any direction on Wednesday, as the mid-session advance north was already erased by the end of the day. The rate managed to re-test the upper channel line and the weekly R3 at 1.1633 prior to falling down to the 55-hour SMA near 1.1550 this morning. Technical indicators have already started to edge slightly lower, suggesting that the bearish momentum could accelerate.
Given that no significant data releases are scheduled, the Euro could remain rather stable today in between the monthly S1 and S2 at 1.1580 and 1.1470, respectively. Further fall is unlikely due to the area being reinforced by the 200-hour SMA.
Meanwhile, the senior channel and the monthly PP are located at 1.1660.
