On Thursday, the EUR/USD currency pair raised to the resistance level formed by the 100-hour SMA and the weekly S1 at 1.0856. During today’s morning, the pair was testing the given resistance.
Note that the exchange rate is supported by the 55-hour SMA near 1.0810. Thus, some upside potential could prevail in the market. Meanwhile, it is unlikely that the rate could exceed the weekly PP at 1.0937 in the short run.
Also, the currency pair would have to surpass the 200-hour SMA and the Fibo 23.60% in the 1.0880 area. If the given resistance hold, it is likely that the pair could reverse south and re-test the monthly S1 at 1.0776.
