On Wednesday, the EUR/USD currency pair raised to the 1.1820 level. During today’s morning, the pair exceeded the given level.
From the one hand, it is likely that the exchange rate could gain support from the 55– and 100-hour SMAs in the 1.1800 area. Thus, some upside potential could prevail in the market. In this case it is unlikely that the rate could exceed the weekly PP at 1.1877.
In the meantime, note that the currency pair would have to exceed the 200-hour moving average near 1.1850. If the given resistance holds, it is likely that the pair could trade sideways in the short term.
