On Wednesday, the EUR/USD currency pair declined to the 1.1000 level. During today’s morning, the pair was testing the given level.
From one hand, it is likely that a reversal north could occur in the nearest future. In this case it is unlikely that the exchange rate could exceed the resistance cluster formed by the 55-, 100– and 200-hour SMAs, as well the weekly S1 in the 1.1026/1.1044 area.
From the other hand, the Euro could trade sideways against the US Dollar in the 1.1000 area in the short term. Also, it is unlikely that the exchange rate could drop below the monthly S1 at 1.0984.
