EUR/USD Passes Support

During the early hours of Tuesday’s trading, the support of the 1.1763 level failed and the EUR/USD declined. By the middle of the day, the rate had reached below the 1.1750 mark.

In the near term future, the rate could extend its decline and reach for the support of the weekly S1 simple pivot point at the 1.1722 level. If this level fails to provide support, the rate most likely would reach for the 61.80% Fibonacci retracement level at 1.1707 and the 1.1700 mark.

On the other hand, the rate could consolidate and trade sideways below the 1.1750 level until it is caught up with by the 55-hour simple moving average. The SMA stopped the rate’s recovery attempts since late Friday.