On Tuesday, the EUR/USD currency pair declined to the support level—the weekly PP at 1.1126. During today’s morning, the pair was testing the given support.
Note that the exchange rate is pressured by the 55– and 100-hour moving averages at 1.1144. Thus, it is likely that some downside potential could prevail in the market.
However, note that the currency pair could gain support of the 200-hour SMA at 1.1114. If the given support holds, it is likely that the Euro could consolidate against the US Dollar in the short term.
If the given resistance does not hold, it is likely that some upside potential could prevail in the market, and the exchange rate could target the psychological level at 11.1180.
