On Monday, the EUR/USD currency pair tried to surpass the psychological level at 1.1010. During today’s morning, the pair was trading near the given level.
Note that the exchange rate is pressured by the 55-hour moving average, currently located at 1.1028. Thus, it is likely that some downside potential could prevail in the market, and the rate could target the weekly S1 at 1.0994.
However, if the given psychological level holds, it is likely that the Euro could continue to consolidate against the US Dollar. Also, it is unlikely that bulls could prevail in the market, and the rate could exceed the resistance formed by the 100– and 200-hour SMAs, as well the weekly PP at 1.1045.
