Yesterday, the EUR/USD currency pair declined to the psychological level at 1.1000. During Thursday morning, the pair was testing the resistance formed by the 55– and 200-hour SMAs circa 1.1030.
If the given moving averages hold, it is likely that a reversal south could occur in the nearest future, and the exchange rate could target the given psychological level. However, this decline might not be immediate, as the rate has to surpass the 200-hour SMA and the weekly PP at 1.1015.
If the given resistance does not hold, the rate could re-test the upper boundary of the falling wedge pattern located circa 1.1040/1.1050. If the given pattern does not hold, a breakout north could occur, and the pair could target the monthly PP at 1.1069.
