On Thursday, the EUR/USD currency pair tried to surpass the psychological level at 1.1170. During today’s morning, the pair was testing the weekly R1 at 1.1150.

Given that the exchange rate is supported by the 55-hour moving average, it is likely that some upside potential could prevail in the market. Note that the nearest resistance level—the Fibonacci 38.20% retracement, is located at 1.1200.

#However, if the given moving average does not hold, it is likely that the Euro could depreciate against the US Dollar. In this case the rate could gain support of the 100– and 200-hour SMAs, as well the weekly PP at 1.1111.

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