On Thursday, the EUR/USD currency pair re-tested the psychological level at 1.1890. During today’s morning, the pair pierced the support provided by the 55– and 100-hour SMAs near 1.1860.
It is likely that some downside potential could prevail in the market in the short term. In this case the exchange rate could face the support level formed by the 200-hour SMA and the weekly PP near 1.1835.
If the predetermined support holds, the currency pair could reverse south. Otherwise, the pair could continue to decline.