Yesterday, the EUR/USD currency pair tried top surpass the support level formed by the 55– and 100-hour SMAs at 1.1299. During Thursday’s morning, the Euro significantly depreciated against the US Dollar.
It is likely, that the Euro stays under pressure in the nearest future, and the pair continues trading down. A possible downside target is the psychological level at the 1.1240 mark.
Otherwise, it is expected, that the exchange rate trades sideways around the psychological level at 1.1260. Also, it is unlikely, that the rate could reverse north and jump higher than 1.1280 due to the resistance formed by the 200-hour SMA, as well the weekly and monthly PPs.