On Thursday, the EUR/USD currency pair tumbled to the 1.1040 level. During today’s morning, the pair was trading at the given level.
It is likely that some downside potential could prevail in the market in the short run. Note that the exchange rate could gain support of the weekly S2 located at the 1.1031 mark.
If the given support level holds, it is likely that the Euro could consolidate against the US Dollar in the short run. Also, it is unlikely that bulls could prevail, and the currency pair could exceed the 100-hour SMA at 1.1082.