During Friday morning, the EUR/USD currency pair traded sideways around the psychological level at 1.1165. During today’s morning, the pair was testing the support formed by the 55-hour SMA at 1.1160.
If the given support level does not hold, it is likely that the Euro could depreciate against the US Dollar in the nearest future. However, note that the exchange rate could gain support of the 100- and 200-hour SMAs, as well the weekly PP in the 1.1123/1.1139 area.
Otherwise, it is likely that the currency pair could extend gains within the following trading session. In this case note that the pair could face the resistance level formed by the Fibonacci 38.20% and the weekly R1 at 1.2000.
