Yesterday, the EUR/USD currency pair declined to the support level formed by the weekly S2 at 1.1037. During Friday morning, the pair was trading near the given level.
Note that the exchange rate is still pressured by the 55-hour moving average, currently located at 1.1066. Thus, some downside potential could still prevail in the market. In this case the rate could gain support of the weekly S3 at 1.1000.
However, if the given support level holds, it is likely that the Euro could consolidate against the US Dollar in the short run. Also, it is unlikely that bulls could prevail, and the rate could exceed the weekly S1 located at 1.1102.
This overview can be used only for informational purposes. Dukascopy SA is not responsible for any losses arising from any investment based on any recommendation, forecast or other information herein contained.