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EUR/USD Analysis: Declined To 1.1230

On Thursday, the EUR/USD currency pair declined to the 1.1230 level. During today’s morning, the pair was testing the given mark.

It is likely that some downside potential could prevail in the market, as the exchange rate is pressured by the 55-, 100– and 200-hour SMAs, as well the weekly and monthly PPs in the 1.1245 area. In this case the rate could gain support from the Fibo 38.20% at 1.1200.

Meanwhile, it is likely that the currency pair could gain support in the 1.1220 area, it is likely that the Euro could trade sideways against the US Dollar in the nearest future.

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