Yesterday, the EUR/USD currency pair declined to the support level formed by the weekly S2 at the 1.1152 mark. During Wednesday’s morning, the pair surpassed the given support.
Given, that the exchange rate is pressured by the 55-, 100– and 200-hour SMAs, currently located in the 1.1187/1.1227 range, it is expected, that bears could continue to prevail. However, note, that the rate has to surpass the 2018/2019 minimum at 1.1124.
If the given level holds, it is likely, that the pair could trade sideways around the psychological level at 1.1140 in the nearest future. Otherwise, the rate could target the weekly S3 at the 1.1103 mark.
