Yesterday, the EUR/USD currency pair tested the support level formed by the weekly S1 at the 1.1029 mark. During Friday’s morning, the pair was testing the resistance of the 55– and 100-hour SMAs, located circa 1.1100.
If the given moving averages hold, it is expected, that a reversal south could occur in the nearest future. Note, that the exchange rate has to surpass the support level—the weekly S1 at the 1.1080 mark. If the given support holds, the rate could trade sideways.
It is unlikely, that some upside potential could prevail in the market, as the pair is also pressured by the 200-hour SMA at 1.1129. However, if the given resistance does not hold, the rate could reach the weekly PP located at the 1.1153 mark.
