During Wednesday morning hours, the EUR/USD currency pair bounced off the 1.2170 level.
It is likely that some downside potential could prevail in the market due to the resistance area formed by the 55-, 100– and 200-hour SMAs, as well the weekly PP in the 1.2130/1.2160 range.
Note that the exchange rate could face the support level formed by the weekly S1 at 1.2089. If the given level holds, a reversal north could occur. Otherwise, the rate could reach the 1.2070 mark.
