On Thursday, the common European currency fell by 30 pips or 0.25% against the US Dollar. The decline was stopped by the 100– hour simple moving average during Thursday’s trading session.
If the exchange rate breaks the 100– hour SMA support line at 1.1746, a decline towards the 61.80% Fibonacci retracement level at 1.1723 could be expected within the following trading session.
However, if the support line holds, buyers could drive the EUR/USD currency exchange rate higher during Friday’s trading session.
