On Monday, the EUR/USD currency pair declined to the support level formed by a combination of the 100–, 200-hour SMAs, as well the weekly PP at 1.1175. During today’s morning, the pair reversed north.
Note, that the exchange rate is pressured by the Fibonacci 38.20% and the 55-hour moving average at 1.1195. Thus, it is unlikely, that some upside potential could prevail in the market in the short run.
If the given support does not hold, it is expected, that the rate could maintain its decline. A possible downside target is the 1.1150/1.1160 range. Otherwise, it is likely, that the pair could trade sideways between the given resistance and support.
