During Tuesday, the EUR/USD currency pair tried to surpass the resistance formed by the 100-hour SMA at 1.1098. During today’s morning, the pair was testing the given support.
If the given moving average holds, it is likely, that a reversal south could occur in the nearest future. A possible downside target is the psychological level at the 1.1060 mark.
However, note, that the exchange rate is supported y the 55-hour SMA at 1.1092, thus, the rate could breach the given resistance and reach the weekly PP at 1.1130. Also, note, that the rate could be affected by the FOMC Meeting Minutes release as 18:00 GMT.