During Thursday, the EUR/USD currency pair tried to surpass the resistance level formed by the weekly S1 at 1.1187. During today’s morning, the pair was testing the resistance level formed by the 55-hour SMA and the weekly S2 at 1.1152.
If the given resistance holds, it is expected, that a reversal south could occur within the following trading hours. In this case, the exchange rate could re-test the 2018/2019 minimum located at 1.1115. If the given level does not hold, the rate could decline to the weekly S3 at 1.1103.
It is unlikely, that bulls could prevail in the market in the nearest future, as the pair is pressured by the 100-hour SMA, currently located at the 1.1162 mark. However, if the given resistance does not hold, the rate could re-test the weekly S1.
