The 55– hour simple moving average pressured the EUR/USD currency pair lower during Tuesday’s trading session. Consequently, the Eurozone single currency declined by 45 pips or 0.38% against the US Dollar on Tuesday.
All things being equal, the exchange rate could continue to decline in a descending channel pattern during the following trading session. The potential target for sellers will be near the 1.1750 area.
However, the weekly support level at 1.1758 could still provide support for the currency exchange rate within this session.
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