Yesterday, the EUR/USD currency pair reversed north from the 2018/2019 low at the 1.0931 mark. During Wednesday morning, the pair surpassed the 1.1000 level.
Note that the exchange rate is supported by the 100-hour moving average, currently located at 1.0998. Thus, it is likely that some upside potential could prevail. However, it is unlikely that the Euro could exceed 1.1050 against the Greenback due to the resistance formed by the 200-hour SMA and the monthly PP.
On the other hand, the bears could prevail in the market, and the pair could reverse south in the nearest future. In this case the pair could be supported by the 55-hour SMA, currently located at 1.0966.
