On Monday, the common European currency declined by 50 pips or 0.41% against the US Dollar. The decline was stopped by the 55– hour simple moving average during yesterday’s trading session.
All things being equal, the exchange rate could continue to edge lower during the following trading session. The potential target for sellers will be near the 1.2000 level.
However, the 55– hour SMA at 1.2075 could still provide support for the EUR/USD currency exchange rate today.
