On Monday, the EUR/USD currency pair declined to the 1.0940 level. During today’s morning, the pair was trading at the given mark.
Note that the exchange rate remains below the 55-, 100– and 200-hour moving averages, currently located in the 1.0990/1.0690 range. Thus, it is likely that the rate could maintain its decline. In this case the rate would have to surpass the support level—the weekly S1 at 1.0917.
If the given support level holds, it is expected that the European Common Currency could consolidate against the Greenback in the short-term. Otherwise, the pair could target the support level formed by the Fibonacci 23.60% retracement and the monthly S1 at 1.0888.
