Yesterday, the EUR/USD currency pair renewed the 2019 low located at 1.0916. During Friday morning, the pair was trading at the given minimum.
Note that the exchange rate is pressured by the 55– and 100-hour moving averages, currently located at 1.0949 and 1.0971 respectively. Thus, it is likely that some downside potential could prevail in the market. The nearest support level, formed by the weekly S3, the monthly S1 and the Fibonacci 23.60% retracement, is located 1.0880.
However, if the given minimum holds, it is likely that a reversal north could occur in the nearest future. In this case the rate has to surpass the weekly S2 at 1.0937. It is unlikely that the pair could exceed 1.0960 due to the upper boundary of the short-term descending channel.
