As apparent on the chart, during the first days of May, the EUR/USD currency pair touched the 1.1000 level and reversed south. During Tuesday morning, the pair dropped below 1.0840.
On the one hand, it is likely that the exchange rate could gain support at the 1.0820 level and reverse north in the nearest future. However, it is unlikely that the rate would exceed the resistance area formed by the monthly PP, the 100-hour SMA and the Fibo 23.60% in the 1.0886/1.0916 range.
On the other hand, the currency pair could pushed down by the 200-hour SMA near 1.0865. In this case the pair could face the support level—the monthly S1, located at 1.0776.
