On Friday, the EUR/USD currency pair dropped to the support level formed by the 100-hour SMA at 1.1113. During today’s morning, the pair was testing the resistance firmed by the monthly R1 and the 55-hour SMA at 1.1140.
If the given resistance holds, it is likely that some downside potential could prevail in the market. In this case note that the exchange rate could gain support of the 200-hour SMA at 1.1100.
However, note that the currency pair could gain support from the 100-hour SMA and the weekly PP at 1.1125, surpass the given resistance and target the 1.1180 level. If the given resistance hold, the Euro could consolidate against the Greenback in the short run.
