Downside risks pushed EUR/USD lower on Wednesday even despite technical indicators being generally bullish.
Disappointing US Core Durable Goods added some bearish strength to this momentum, thus allowing the pair to dash through the combined support of the 200-hour and 55-period (4H) SMAs and the weekly PP circa 1.1615. Support was eventually found near 1.1553 where the weekly S1 is located.
It seems that this decline might still continue during the first part of the day, at least. An important support level is the one-year low at 1.1510. The given level has been tested unsuccessfully on several occasions throughout this time. Thus, it is expected to remain intact once again.
In terms of upside potential, the rate should not exceed 1.1650 where the 55– and 100-hour SMAs are situated.
