On Wednesday, the EUR/USD currency pair traded between the Fibonacci 38.20% retracement and the weekly R1, located at 1.1200 and 1.1239 respectively.
From a technical perspective, it is likely, that some upside potential could prevail in the market, as the pair is supported by the 100– and 200-hour SMAs located circa 1.1190. However, the pair has to surpass the given weekly R1.
If the given support does not hold, it is expected, that the exchange rate could step lower. However, it is unlikely, that the rate could slump lower than the 1.1175 level due to the support formed by the monthly PP.
