On Friday, the EUR/USD currency pair skyrocketed to the 1.1090 level. During today’s morning, the pair was trading in the 1.1080 area.
On the one hand, some downside potential could prevail in the market. In this case the exchange rate would have to surpass the weekly PP at 1.1061. If the given support holds, the rate could reverse north to the monthly PP at 1.1104.
If the given support level does not hold, it is likely that the currency pair could try to surpass the support cluster formed by the 55-, 100– and 200-hour SMAs, as well the weekly S1 in the 1.1026/1.1045 range
