Yesterday, the EUR/USD currency pair declined to the psychological level at the 1.1160 mark.
Given that the pair is pressured by the 55-, 100– and 200-hour SMAs, currently located in the 1.1172/1.1184 range, it is likely, that bears could prevail in the market in the short term. A possible downside target is the weekly S1 at 1.1138.
If the given support does not hold, it is expected, that the exchange rate could decline to the 2018/2019 minimum at 1.1124. Otherwise, it is likely, that a reversal north could occur.
