On Wednesday, the EUR/USD currency pair failed to exceed the resistance formed by the weekly PP and the 200-hour SMA circa 1.1840. During today’s morning, the pair was testing the given resistance.
It is likely that the exchange rate could gain support from the 55– and 100-hour moving averages near 1.1820 and trade upwards in the short run. In this case the rate could target the 1.1880/1.1900 area.
However, if the predetermined resistance holds, it is likely that the currency pair could trade sideways within the following trading session.
