On Tuesday, the EUR/USD currency pair tried to decline below the 1.0840 level. During today’s morning, the pair dropped below 1.0820.
Given that the exchange rate is pressured by the 55-hour SMA near 1.0880, it is likely that some downside potential could prevail. In this case the rate could decline to the weekly S2 at 1.0728.
However, the currency pair could gain support from the monthly S1 at 1.0776 and reverse north in the nearest future. In this case it is unlikely that the pair could exceed the Fibo 23.60% at 1.0886.
