Yesterday, the EUR/USD currency pair declined to the psychological level at 1.1040. During Friday morning, the pair was trading at the given level.
Note that the exchange rate is trading near the 2018/2019 low located at the 1.1030 mark. If the given level does not hold, bears could prevail in the market. However, note that the rate has to surpass the weekly S2 at 1.1015. A possible downside target is the support level formed by the weekly S3 and the monthly S1 circa 1.1000.
On the other hand, the pair could consolidate at the given minimum within the following trading session. It is unlikely, that some upside potential could prevail, and the rate could exceed the 1.1090 mark due to the resistance formed by a combination of the 55-, 100– and 200-hour SMAs, as well the weekly S1.
