On Wednesday, the EUR/USD currency pair dropped to the support level formed by the weekly and monthly S1s near 1.1760. During today’s morning, the pair reversed north.

It is likely that the exchange rate could face the resistance formed by the 55-, 100– and 200-hour moving averages near 1.1840 and reverse south in the short term.

However, if the predetermined support level holds, it is likely that the Euro could trade sideways against the US Dollar within the following trading session.

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