On Friday, the EUR/USD currency pair declined to the support level—the Fibo 23.60% and the 200-hour SMA at 1.0886. During today’s morning, the pair pierced the given support.
It is likely that the exchange rate could remain under pressure of the weekly and monthly PPs at 1.0908. Thus, some downside potential could prevail in the market. Note that the nearest support level—the weekly S1, is located at 1.0801.
On the other hand, it is likely that a reversal north could occur. In this case the rate could face the resistance formed by the 55– and 100-hour moving averages near 1.0930. If the given resistance holds, the pair could consolidate.
