On Wednesday, the EUR/USD currency pair tried to surpass the 1.1210 level. During today’s morning, the pair breached the short-term ascending channel south.
Given that the exchange rate is pressured by the 55-, 100– and 200-hour SMAs located circa 1.1190, it is expected, that some downside could prevail in the market. A possible downside target is the 1.1170 level.
On the other hand, it is likely, that the rate could trade sideways, trying to surpass the given moving averages. Also, it is unlikely, that the pair could jump higher than the 1.1271 mark due to the resistance of the monthly PP.
