On Tuesday, the EUR/USD currency pair tried to surpass the 1.1160 level. During today’s morning, the pair was testing the support level formed by the 55– and 100-hour SMAs, located circa 1.1140.
Note, that the exchange rate is pressured by the 200-hour moving average, currently located at the 1.1164 mark. Thus, it is unlikely, that some upside potential could prevail in the market in the short run.
If the given moving averages hold, it is expected, that the rate could trade sideways in the nearest future. Otherwise, it is likely, that the pair could go downwards, targeting the 2018/2019 minimum at 1.1115.
