EUR/USD analysis: Trades below 1.2080
EUR/USD
The EUR/USD currency pair has tumbled below the 1.2080 mark.
From the one hand, it is likely that some downside potential could continue to prevail in the market. In this case the exchange rate could face the support level—the weekly S1 at 1.2025. If the given support holds, a reversal north could follow.
From the other hand, the currency pair could bounce off the 1.2060 mark. Note that the pair would have to exceed the resistance area formed by the 55– and 100-hour SMAs, as well the weekly PP in the 1.2120/1.2146 range.
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