Yesterday, the EUR/USD currency pair traded sideways, testing the support level formed by the weekly S3 at 1.1275. During Friday’s morning, the pair breached the given support level.
Note, that the exchange rate is still pressured by the 55– and 100-hour moving averages, located circa 1.1290. Thus, it is likely, that some downside potential could prevail in the short term. The rate could decline towards the monthly S1 at the 1.1220 mark.
It is unlikely, that bulls could prevail in the market, and the Euro could exceed the 1.1310 level against the Greenback due to resistance formed by the weekly S2 and the monthly PP.
