On Wednesday, the EUR/USD currency pair tested the support level—the monthly S1 at 1.0840. During today’s morning, the pair was re-testing the given support.
Note that the exchange rate remains under pressure of the 55-hour SMA near the 55-hour SMA near 1.0980. Thus, some downside potential could prevail in the market.
However, note that the currency pair could gain support from the monthly S2 at 1.0776. If the given level holds, a reversal south could occur, and the pair could try to surpass the monthly S1 at 1.0938.
