On Thursday, the EUR/USD currency pair touched the 1.2120 level.
It is likely that some downside potential could prevail in the market due to the resistance formed by the 55– and 100-hour moving averages, as well the weekly S1 near 1.2160. Note that the rate could face the support level—the weekly S2 at 1.2099.
If the predetermined support level holds, the currency pair could bounce off and re-test the given resistance. Otherwise, the pair could continue to trade downwards in the short term.
