The Euro lost 95 pips against the US Dollar on Thursday. The pair started falling considerably following a breakout from the 55-, 100– and 200-hour SMAs around the 1.17 mark.
This fall stopped suddenly near 1.1640 around which the Euro was fluctuating on Friday morning, as well. This plunge has sent technical indicators in the oversold territory on the 1H time-frame. However, there is still apparent some downside potential on the 4H chart that could result in bears gaining control in the market once again and testing the senior triangle line and the weekly S1 at 1.1615.
In terms of resistance, it is unlikely that the rate gains enough bullish momentum to dash through the 1.1680 territory which is limited by the weekly PP and the 55-, 100– and 200-period SMAs on both the 1H and 4H charts.
