On Tuesday, the EUR/USD currency pair pierced the 200-hour SMA near 1.1750. During today’s morning, the pair reversed south.
It is likely that the exchange rate could remain under pressure of the given moving average and trade downwards in the short term. In this case the rate could gain support from the weekly S1 at 1.1574.
On the other hand, the currency pair could gain support from the 55– and 100-hour SMAs near 1.1670. Thus, the pair could trade upwards and re-test the psychological level at 1.1780.
