On Wednesday, the EUR/USD currency pair touched the 1.2060 level.
It is likely that some downside potential could prevail in the market, as the exchange rate could is pressured by the 55– and 100-hour SMAs in the 1.2110 area. The rate could target the weekly S1 at 1.1972.
Meanwhile, note that the currency pair could gain support from the weekly PP and the 200-hour SMAs in the 1.2080 area. Thus, the pair could trade upwards in the short term. A possible upside target is the 1.2140/1.2160 range.
