EUR/USD was pressured lower on Thursday morning by the combined resistance of the 55– and 100-hour SMAs. This allowed the pair to re-test its one-year low of 1.15 prior to gaining strong bullish momentum and dashing through these lines later in the session.
The pair might still edge slightly higher during the first part of the day; however, it does face a significant resistance cluster formed by the 200-hour, 55– and 100-period (4H) SMAs and the weekly PP at 1.1670. This area is likely to halt the pair today, thus letting bears to re-gain some of the lost positions.
Given the strength of the aforementioned support and resistance levels, the Euro might remain stranded in between these barriers until early Monday.
