During the previous trading session, the EUR/USD currency pair tried to surpass the 2018/2019 minimum at 1.1124. During today’s morning, the pair reversed north.
Note, that the exchange rate is pressured by the 100– and 200-hour SMAs, currently located circa 1.1160. If the given resistance holds, it is likely, that a reversal south could occur in the nearest future, and the rate could re-test the given minimum.
Otherwise, it is expected, that the pair could target the upper boundary of the short-term descending channel located in the 1.1180/1.1190 range. Note, that the rate has to surpass the weekly PP at 1.1175.
