On Tuesday, the EUR/USD currency pair skyrocketed to the weekly R2 at 1.1545. During today’s morning, the pair reversed south.
It is likely that some downside potential could prevail in the market, and the exchange rate could continue to decline in the short run. Note that the rate could gain support from the 55– and 100-hour SMAs, as well the weekly R1 and Fibo 50.00% in the 1.1444/1.1487 area.
Meanwhile, it is unlikely that bulls could prevail in the market, and the currency pair could exceed the monthly R2 located at the 1.1575 within the following trading session.
