On Monday, the EUR/USD currency pair consolidated near the psychological level at 1.1160. During today’s morning, the pair breached the 55-hour SMA at 1.1150.
On the one hand, the exchange rate could trade downwards within the following trading session. In this case the rate could gain support of the 100-hour SMA, as well the weekly PP at 1.1112. It is unlikely that the rate could drop lower than the 200-hour SMA at 1.1073.
On the other hand, some upside potential could prevail in the market in the short term. The currency pair could exceed the given psychological level and target the resistance level formed by the monthly R2 at 1.1190.
