The Euro managed to maintain its upward movement against the US Dollar and consequently breach the 100-hour SMA on Thursday. This appreciation ended near the 1.1940 level, as the rate was unable to surpass its weekly resistance. The 200-hour SMA is likewise located nearby at 1.1943.
The price has been stranded between the aforementioned SMAs for several hours. The current positioning and direction of technical indicators favour more the prevalence of bears in this session. However, the pair does face a strong support cluster formed by the 55– and 100-hour SMAs and the weekly S1 at 1.1880.
These two barriers are likely to bound the rate within the 1.1880/1.1940 range until Monday morning in case the current geopolitical tensions do not weight heavily on the US Dollar.
