On Monday, the EUR/USD currency pair tried to surpass the resistance provided by the 55-hour SMA. During today’s morning, the pair declined to the 1.1080 level.
Given that the exchange rate is pressured by the 100-hour moving average at 1.1106, it is likely that some downside potential could prevail. In this case the rate could reach the psychological level at 1.1060.
On the other hand, it is likely that the currency pair could re-test the given resistance in the nearest future. It is unlikely, that bulls could prevail, and the Euro could exceed the 200-hour SMA at 1.1121 against the Greenback in the short run.
