On Thursday, the EUR/USD currency pair tried to surpass the resistance level formed by the weekly R1 at 1.1028. During today’s morning, the pair was trading near the given resistance.
If the given resistance level holds, it is likely that a reversal south could occur in the nearest future. However, note that the exchange rate might get support of the 55– and 100-hour SMAs, currently located circa 1.0990. it is unlikely that the rate could drop lower than the 200-hour SMA at 1.0969.
Otherwise, it is likely that the European Common Currency could exceed the given resistance level and re-test the upper boundary of the medium-term ascending channel circa 1.1040. It is unlikely that a breakout north could occur due to the resistance level—the monthly R1 at 1.1045.
