On Wednesday, the common European currency declined by 44 pips or 0.36% against the US Dollar. The currency pair fell below the 55-, 100 and 200– hour SMAs during Wednesday's trading session.
The exchange rate is likely to continue to edge lower during the following trading session. The potential target for the EUR/USD pair will be near the weekly support level at 1.2097.
However, bearish traders could encounter support at 1.2145 during Thursday's trading session.
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