On Tuesday, the EUR/USD currency pair raised to the 1.0995 level. During today’s morning, the pair declined below 1.0960.
It is likely that the exchange rate could gain support from the 55– and 100-hour SMAs near 1.0930 and reverse north in the short term. Note that the nearest support level—the weekly R1, is located at 1.1010.
However, if the given support does not hold, it is likely that some downside potential could prevail in the market. Note that the pair could gain support from the 200-hour SMA, the weekly and monthly PPs, as well the Fibo 23.60% in the 1.0886/1.0915 range.
