Yesterday, the EUR/USD currency pair tried to surpass the psychological level at 1.1000. During Thursday morning, the pair was still testing the given level.
Note that the exchange rate is pressured by the 55– and 100-hour moving averages, currently located circa 1.1015. Thus, it is likely that some downside potential could prevail in the market in the short term. A possible downside target is the 1.0980 level.
However, if the given psychological level holds, it is likely that the Euro could trade sideways against the US Dollar within the following trading session. Also, it is unlikely that bulls could prevail, and the rate could exceed the 1.1030 mark.
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