On Thursday, the EUR/USD currency pair traded between the 100– and 200-hout moving averages. During today’s morning, the pair dropped significantly and pierced the weekly PP at 1.1806.

From the one hand, it is likely that some upside potential could continue to prevail in the market in the short run. In this case the exchange rate could target the weekly S1 at 1.1748.

On the other hand, it is likely that a reversal north could occur. Meanwhile, it is unlikely that the rate could exceed the weekly R1 located at 1.1901.

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