EUR/USD Analysis: Remains Above 1.1000

Technical analysis of Forex market

During Friday, the EUR/USD currency pair traded sideways at the 1.1040 area. During today’s morning, the pair was testing the support formed by the 100– and 200-hour SMAs, as well the weekly PP at 1.1015. If the given support holds, a reversal north could occur in the nearest future, and the exchange rate could re-test the upper boundary of the falling wedge pattern located circa 1.1065. It is unlikely that a breakout north could occur due to the resistance level—the monthly PP at 1.1069.

Otherwise, it is likely that the European Common Currency could depreciate against the US Dollar in the short term. A possible downside target could be the psychological level at 1.0980. Note that the nearest support– the weekly S1, located at 1.0944.

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