First of all, on Wednesday the EUR/USD currency exchange rate reached a new low level, as it almost touched the 1.1650 mark. In addition, the currency exchange rate has revealed a channel down pattern, which has guided it since September 24.
In the case of the rate continuing to decline, the pair might look for support in the weekly S2 simple pivot point at 1.1648 and the 1.1650 mark. A passing of these levels could result in an eventual decline to the 1.1613 level, where the weekly S3 simple pivot point was located at.
On the other hand, a recovery from the lower trend line of the channel down pattern or the weekly S2 and the 1.1650 level could aim at the resistance of the channel. Note that a passing of the upper trend line of the channel could result in a surge up tot eh 1.1685 level, where the weekly S1 simple pivot point was located at.
