On Wednesday, the EUR/USD currency pair broke the local support level at 1.0820. During today’s morning, the pair dropped below the weekly S1 at 1.0797.

Given that the exchange rate remains under pressure if the 55– and 100-hour SMAs near 1.0840, it is likely that some downside potential could prevail. Note that the nearest possible support level –the weekly S2, is located at 1.0715.

On the other hand, the currency pair could reverse north from the psychological level at 1.0760. In this case it is unlikely that the pair could exceed the given moving averages

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