Yesterday, the EUR/USD currency pair declined to the psychological level at 1.1100. During Friday’s morning, the pair was trading at the 1.1080 mark.
Note, that the exchange rate is pressured by the 55-, 100– and 200-hour SMAs, currently located in the 1.1135/1.1183 range. Thus, it is likely, that some downside potential could still prevail in the market. The support level to look out for is the weekly S2 at 1.1041.
On the other hand, the European Common Currency could trade sideways against the US Dollar near the resistance level formed by the weekly S1 at 1.1122 in the nearest future.
