On Wednesday, the EUR/USD currency pair tried to surpass the 1.1060 level. During today’s morning, the pair was trading at the 1.1075 mark.
Note that the exchange rate is pressured by the 55-hour moving average, currently located at 1.1084. Thus, it is likely that some downside potential could prevail in the market. A possible downside target is the weekly S2 at 1.1037.
However, if the given resistance does not hold, it is likely that the Euro could appreciate against the US Dollar within the following trading session. In this case the rate would have to surpass the resistance cluster formed by the 100- and 200-hour SMAs, as well the weekly S1 in the 1.1102/1.1116 area.
