On Wednesday, the EUR/USD currency pair pierced the weekly S2 located at 1.1664.

Given that the exchange rate is pressured by the 55-hour moving average near 1.1700, it is likely that some downside potential could prevail in the market. In this case the rate could gain support from the weekly S3 and the monthly S2 near 1.1590.

In the meantime, it is unlikely that bulls could prevail in the market in the short term, and the currency pair could exceed the resistance formed by the 100-hour SMA, the weekly and monthly S1s in the 1.1760 area.

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