On Wednesday, the EUR/USD currency pair tumbled to the 2018/2019 minimum located at 1.1124. During today’s morning, the pair was testing the given level.
If the given level holds, it is likely, that a reversal north could occur within the following trading hours. It is unlikely, that the Euro could exceed the 1.1159/1.1175 range due to the resistance cluster formed by the 55-, 100– and 200-hour SMAs, as well the weekly PP.
Otherwise, the currency pair could maintain its decline. Note, that the pair could be supported by the monthly S1 at the 1.1110 mark. However, if the given support does not hold, the rate could reach the lower boundary of the short-term descending channel located circa 1.1100.
