On Tuesday, the common European currency fell by 82 pips or 0.69% against the US Dollar. The currency pair was pressured lower by the 200– hour simple moving average during yesterday’s trading session.
All things being equal, the exchange rate could continue to edge lower in a descending channel pattern during the following trading session. The potential target sellers will be near the 1.1780 area.
However, the weekly support level at 1.1801 could provide support for the EUR/USD currency exchange rate in the shorter term.
