On Friday, the EUR/USD currency pair declined to the 1.1615 mark. During today’s morning, the pair was testing the 55-hour SMA near 1.1650.

If the given moving average holds, it is likely that some downside potential could prevail in the market. Note that the exchange rate could gain support from the monthly S2 located at 1.1596.

If the predetermined support level holds, it is likely that the rate could trade sideways in the short run. Otherwise, it is likely that the pair could decline to the weekly S1 located at 1.1541.

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