On Wednesday, the EUR/USD currency pair declined to the support level formed by the 200-hour SMA at 1.1115. During today’s morning, the pair reversed north.
Note that the exchange rate is pressured by the 55– and 100-hour SMA, as well the monthly R1 at 1.1138. Thus, it is unlikely that some upside potential could prevail.
If the given support and resistance levels hold, it is likely that the Euro could trade sideways against the US Dollar within the following trading session. However, if the given resistance does not hold, the rate could target the 1.1170 level.
