On Wednesday, the EUR/USD currency pair plummeted to the support level formed by the 100-hour SMA and the weekly R1 at 1.1218.
If the given support holds, it is likely, that a reversal north could occur within the following trading hours. However, note, that the pair has to surpass the resistance cluster formed by the 55-hour SMA, the weekly R2 and the monthly R1 in the 1.1249/1.1266 range.
If the given support does not hold, it is expected, that the exchange rate could maintain its decline. In this case, the rate has to surpass the support cluster formed by the weekly and monthly PPs, the 200-hour SMA and the Fibonacci 38.20% retracement in the 1.1167/1.1200 range.
