On Friday, the EUR/USD currency pair declined to the 1.1210 level. During today’s morning, the pair was trading at the monthly S1 located at 1.1220.
Note, that the exchange rate is pressured by the 55-, 100– and 200-hour moving averages, currently located in the 1.1229/1.1243 range. Thus, it is likely, that the rate could go downwards to re-test the lower boundary of the short-term ascending channel at 1.1205.
It is unlikely, that the pair could breach the given channel south due to the support level formed by the Fibonacci 23.80% retracement at 1.1200. However, if the given support does not hold, it is unlikely, that the rate could drop lower than the weekly S1 at 1.1187.
