On Friday, the EUR/USD currency pair skyrocketed to the 1.1025 level. During today’s morning, the pair was testing the support formed by the 55– and 100-hour SMAs, as well the weekly PP at 1.1012.
If the given support holds, it is likely that some upside potential could prevail in the market. Note that the exchange rate would have to surpass the resistance formed by the 200-hour SMA at 1.1030.
However, if the given support level holds, it is likely that the Euro could depreciate against the US Dollar in the nearest future. In this case the rate could gain support of the weekly S1 at 1.0991.