On Friday, the Eurozone single currency plunged by 54 pips or 0.45% against the US Dollar. The decline was stopped by the 50– hour simple moving average during Friday’s trading session.
All things being equal, the exchange rate could continue to edge lower during the following trading session. The potential target for the EUR/USD pair will be near the 200– hour SMA at 1.1789.
However, sellers are likely to encounter a support cluster formed by the weekly pivot point and the 100– hour moving average at 1.1848 within this session.
