Yesterday, the EUR/USD currency pair tested the psychological level at 1.1000. During Tuesday morning, the pair was trading near the given level.
Note that the exchange rate is supported by the 55– and 100-hour moving averages, currently located circa 1.0970. Thus, it is likely that some upside potential could prevail in the market. Note that the nearest resistance level—the weekly R1, is located at 1.1028.
However, if the given psychological level holds, it is likely that the Euro could consolidate against the US Dollar within the following trading session. It is unlikely that bears could prevail, and the rate could drop lower than the monthly PP at the 1.0965 mark.
