Yesterday, the EUR/USD currency pair reached the resistance formed by the 100– and 200-hour SMAs, located circa 1.1240. During Thursday’s morning, the pair was testing it.

If the given moving averages hold, it is expected, that the exchange rate could reverse south in the nearest future. Note, that the rate could be supported by the 55-hour SMA, as well the weekly and monthly S1s in the 1.1214/1.1225 range.

It is unlikely, that bears could prevail in the market, and the pair could tumble lower than the 1.1200 mark due to the support formed by the Fibonacci 38.20% retracement and the lower boundary of the short-term ascending channel.

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