On Wednesday, the EUR/USD currency pair tried to surpass the resistance formed by the 55– and 100-hour SMAs circa 1.1140. During today’s morning, the pair tried to exceed the 1.1150 mark.
Given that the exchange rate is still pressured by the given moving averages, it is unlikely that some upside potential could prevail. The rate could trade downwards in the short term.
However, note that the currency pair could gain support of the weekly PP at 1.1112. If the given support holds, the Euro could consolidate against the Greenback. Also, note that the pair could be affected by the ECB Monetary Policy Statement release at 11:45 GMT.
