On Thursday, the EUR/USD currency pair declined to the psychological level at 1.1055. During today’s morning, the pair was trying to surpass the given level.
It is unlikely that some upside potential could prevail due to the resistance cluster formed by the 55- and 100-hour SMAs, as well the weekly R1 and the monthly PP in the 1.1071/1.1078 area.
Note that the exchange rate is supported by the 200-hour SMA, currently located at 1.1046.Thus, the rate could consolidate within the following trading session.
It is unlikely that bears could prevail in the market, and the currency pair could surpass the support level formed by the weekly PP at 1.1034.
