On Thursday, the EUR/USD currency pair declined to the weekly S2 at 1.0842. During today's morning, the rate was trading at the given level.
If the weekly S2 holds, it is likely that a reversal north could occur in the nearest future. In this case it is unlikely that the exchange rate could exceed the Fibonacci 23.60% retracement at 1.0886.
However, note that the currency pair is pressured by the 55-hour moving average near 1.0900. In this case some downside potential could prevail in the market, and the pair could decline to the 1.0800 area.
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.