On Tuesday, the EUR/USD currency pair traded sideways near the psychological level at 1.1010. During today’s morning, the pair was testing the given level.
Given that the exchange rate is pressured by the 55-hour moving average at 1.1016, it is likely that some downside potential could prevail in the market. Note that the rate could gain support from the weekly S1 at 1.0994.
However, if the given psychological level holds, it is likely that the Euro could maintain consolidation against the Greenback in the short term.
Also, it is unlikely that bulls could prevail, and the pair could exceed the 1.1034/1.1049 area due to the resistance formed by the 100– and 200-hour SMAs, as well the weekly PP.
