Downside risks dominated the EUR/USD currency pair on Tuesday. As a result, the common European currency fell by 73 pips or 0.62% against the US Dollar during yesterday’s trading session.
Given that a breakout has occurred, sellers are likely to continue to drive the exchange rate lower during the following trading session. The potential target for bearish traders will be near the weekly S2 at 1.1670.
However, the 61.80% Fibonacci retracement level at 1.1707 could provide support for the currency exchange rate within this session.
