During Tuesday’s trading session the Euro traded at the 1.1200 level against the US Dollar. On Wednesday morning, the currency pair jumped to the psychological level at 1.1240.
Given that the pair is being supported by the 55– and 100-hour SMAs, currently located circa 1.1220, it is likely, that some upside potential prevails in the market in the nearest future. It is expected, that the pair entrenches near the resistance level formed by the 200-hour SMA and the weekly PP at 1.1253.
If the given support does not holds, most likely, the exchange rate targets the 2018/2019 minimum located at the 1.1180 mark.
