The EUR/USD currency pair has declined below the 1.2080 level.
It is likely that the exchange rate could gain support from the weekly S1 at 1.2045, thus, some upside potential could prevail in the market. Note that the rate could face the resistance formed by the 55-, 100– and 200-hour SMAs, as well the weekly PP in the 1.2097/1.2120 range.
If the predetermined resistance area holds, the currency could bounce off and re-test the given support level. Otherwise, the pair could target the 1.2140/1.2160 range.
