Yesterday, the EUR/USD currency pair declined to the support formed by the 55-, 100– and 200-hour SMAs, located circa 1.1110. During Tuesday morning, the pair was testing the given support.
If the given moving averages hold, it is likely, that a reversal north could occur in the nearest future. A possible upside target is the psychological level at 1.1150. However, note that the exchange rate has to surpass the weekly PP at 1.1117.
If the given resistance level holds, it is likely, that the Euro could depreciate against the Greenback in the nearest future. Note that the pair could face the support of the weekly S1 at 1.1080.
