On Tuesday, the common European currency declined by 36 pips or 0.30% against the US Dollar. The currency pair breached the 55– and 100– hour SMAs during yesterday’s trading session.
All things being equal, the exchange rate is likely to continue to edge lower during the following trading session. The potential target for the EUR/USD pair will be near the 200– hour simple moving average at 1.1835.
However, the weekly pivot point at 1.1848 could provide support for the currency exchange rate within this session.
