EUR/USD Sandwiched Between 100– And 200-Hour SMAs

Technical analysis of Forex market

Yesterday, the EUR/USD currency pair tried to surpass the 55-hour SMA, currently located at 1.1232.

As apparent on the chart, the pair is being pressured by the 200-hour SMA at 1,1238, thus, it is likely, the pair steps lower to the psychological level at the 1.1200 mark.

On the other hand, the exchange rate is supported by the 100-hour SMA, thus, the Euro could continue trading at the 1.1230 level against the US Dollar.

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