Yesterday, the EUR/USD currency pair renewed the 2018/2019 minimum located at 1.1141.
Given that the pair is still pressured by the 55– and 100-hour SMAs, currently located circa 1.1220, it is expected, that bears could continue to prevail in the market. The nearest downside target is the lower boundary of the medium-term channel located circa 1.1120.
However, if the given minimum holds, it is likely, that the exchange rate tries to reverse north. In this case, the rate would have to surpass the resistance level formed by the weekly S2 and the Fibonacci 62.00% retracement at 1.1178.
