Yesterday, the EUR/USD currency pair declined to the psychological level at 1.1000. During Tuesday morning, the pair trading near the given level.
Note that the exchange rate is pressured by the 55-, 100– and 200-hour SMAs, currently located circa 1.1040. Thus, some downside potential could prevail in the market. In this case, the rate could face support of the weekly S1 at 1.0966.
On the other hand, the given psychological level could hold, and the Euro could consolidate against the US Dollar in the nearest future. If the given moving averages do not hold, the pair could reach the monthly PP at 1.1069.
