Yesterday, the EUR/USD currency pair renewed the 2018/2019 minimum located at 1.1033. During Thursday’s morning, the pair was trading near the given level.
Note, that the exchange rate is supported by the weekly S2 at the 1.1029 mark. Thus, if the given support level holds, it is likely, that a reversal north could occur in the nearest future. However, it is unlikely, that the rate could exceed the weekly S1 at 1.1080.
If the given support level does not hold, it is expected, that the Euro could continue to depreciate against the US Dollar in the short run. Note, that the nearest support level (formed by the weekly S3 and the monthly S1) is located circa the 1.0960 mark.
