On Monday, the common European currency declined by 28 pips or 0.24% against the US Dollar. The decline was stopped by the weekly pivot point at 1.1766 during Monday’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 currency pair will be near the 1.1750 area.
However, bearish traders might encounter support near the 200– hour simple moving average at 1.1767 within this session.
