Yesterday, the EUR/USD currency pair declined slightly to the psychological level at 1.1090. During Wednesday morning, the pair was trading at the given level.
Note that the exchange rate is pressured by the 55-, 100– and 200-hour SMAs, currently located in the 1.1096/1.1105 range. Thus, it is likely that bears could prevail in the market in the short run. In this case the rate has to surpass the weekly S1 at 1.1080.
If the given support level holds, it is likely that the pair could consolidate within the following trading session. It is unlikely that bulls could prevail in the market, and the rate could exceed the weekly PP at 1.1117.
