Yesterday, the EUR/USD currency pair declined to the support level formed by the weekly S1 at the 1.1209 mark.
From a technical perspective, it is likely, that the pair could maintain its slump, as it is pressured by the 55– and 100-hour SMAs, currently located circa 1.1240. The exchange rate could re-new the 2018/2019 minimum located at 1.1195.
However, if the short-term descending channel holds, it is expected, that the rate could trade sideways around the weekly S1. It is unlikely, that bulls could prevail in the market and surpass the given moving averages.
