Yesterday, the EUR/USD currency pair tried to surpass the resistance level formed by the 200-hour SMA and the weekly PP at 1.1041. During Thursday morning, the pair was trading near the given level.
If the given resistance holds, it is likely that some downside potential could prevail in the market in the short run. Note that the exchange rate could gain support of the 55- and 100-hour SMAs, currently located circa 1.0990.
On the other hand, the Euro could trade sideways against the US Dollar near the given resistance. If it does not hold, it is unlikely, that the pair could exceed the monthly PP at the 1.1069.
