On Tuesday, the EUR/USD currency pair breached the symmetrical triangle pattern south. During today’s morning, the pair was testing the weekly S1 at 1.1752.
If the given support level holds, it is likely that a reversal north could occur. In this case the exchange rate could target the resistance formed by the 55– and 100-hour SMAs, as well the weekly PP in the 1.1820 area.
However, if the predetermined support does not hold, the currency pair could go downwards in the short term. The pair could target the Fibo 61.80% located at the 1.1707 mark.