EUR/USD Trades Near 1.1980

During Thursday morning hours, the EUR/USD currency pair declined below the weekly S2 at 1.2002.

Given that the exchange rate is pressured by the 55-hour moving average near 1.2033, it is likely that some downside potential could prevail in the market. Note that the rate could gain support from the weekly S3 at 1.1946.

If the predetermined support holds, the currency pair could bounce off and try to surpass the weekly S2 at 1.2002. Otherwise, bears could continue to prevail in the market in the short run.