On Friday, the EUR/USD currency pair traded sideways around the psychological level at 1.1100. During today’s morning, the pair was testing the resistance of the 55-hour SMA, currently located at 1.1107.
If the given moving average holds, it is likely, that the Euro could depreciate against the US Dollar in the short term. A possible downside target is the psychological level at 1.1060.
Otherwise, it is expected, that the exchange rate could maintain its consolidation within the following trading hours. It is unlikely, that some upside potential could prevail in the market, as the rate is pressured by the 100-hour SMA and the weekly PP at 1.1130.