On Friday, the EUR/USD currency pair declined to the 1.1760 level. During today’s morning, the pair was testing the given level.
Given that the exchange rate is pressured by the 55-, 100– and 200-hour SMAs in the 1.1800/1.1830 area, it is likely that some downside potential could prevail. In this case the rate could target the Fibo 61.80% at 1.1707.
On the other hand, it is likely that the currency pair could gain support at the 1.1760 mark and trade sideways, trying to surpass the predetermined moving averages.