On Tuesday, the Euro depreciated slightly against the US Dollar. During today’s morning, the EUR/USD was testing the support level formed by the weekly PP at 1.1112.
Note that the exchange rate is pressured by the 55– and 100-hour moving averages, currently located circa 1.1140. Thus, the rate could surpass the given support and trade downwards. In this case, the rate could gain support of the 200-hour SMA.
However, if the given support level holds, it is likely that the currency pair could try to surpass the given resistance in the nearest future. If it does not hold, the pair could exceed the 1.1160 level within the following trading session.