On Monday, the EUR/USD currency pair tried to surpass the weekly PP at 1.1139. During today’s morning, the pair continued to test the given resistance.
Note that the exchange rate is pressured by the 200-hour moving average, currently located at 1.1146. Thus, some downside potential could prevail in the market.
In this case the rate could gain support provided by the 55– and 100-hour SMAs, currently located circa 1.1120. If the given support holds, it is likely that the Euro could consolidate against the US Dollar in the short run.
