On Thursday, the EUR/USD currency pair failed to decline below the 1.0760 level. During today’s morning, the pair touched the 1.0740 mark.
Note that the exchange rate remains under pressure of the 55– and 100-hour SMAs in the 1.0820 area. Thus, some downside potential could prevail in the market.
It is likely that the rate could gain support from the weekly S2 at 1.0715. If the given level holds, it is likely that a reversal north could follow. Otherwise, it is likely that the pair could decline below the 1.0700 level.
