Yesterday, the EUR/USD currency pair declined to the weekly S1 at 1.0788. During Wednesday morning, the pair was trading near the given level.
Note that the exchange rate is pressured by the 55– and 100-hour moving averages, currently located circa 1.0825. Thus, some downside potential could prevail in the market. The nearest support, formed by the weekly S2 and the monthly S3, is located in the 1.0750 area.
However, if the weekly S1 holds, it is likely that the Euro could consolidate against the US Dollar in the nearest future. Also, it is unlikely that bulls could prevail, and the pair could exceed the resistance level formed by the weekly PP and monthly S2 at 1.0872.
