On Wednesday, the EUR/USD currency pair tested the support provided by the 200-hour SMA near 1.1760.
It is likely that the exchange rate could remain under pressure of the 100-hour moving average near 1.1830. Thus, some downside potential could prevail in the market, and the rate could target the support formed by the Fibo 61.80% and the weekly S1 in the 1.1700 area.
In the meantime, note that the currency pair could gain support from the 55-hour moving average near 1.1800 and trade upwards in the short term. A possible upside target is the 1.1880 mark.
