On Monday, the EUR/USD currency pair tried to exceed the 1.1320 level. During today’s morning, the pair declined to the 100-hour SMA near 1.1265.
If the given moving average holds, it is likely that a reversal north could occur in the nearest future. In this case the exchange rate could face the resistance of the weekly R1 at 1.1308.
Meanwhile, note that the rate could be pressured by the 55-hour moving average near 1.1280. Thus, it is likely that some downside potential could prevail in the market. Note that the pair could gain support from the Fibo 38.20% and the weekly S1 at 1.1200