During Thursday morning, the EUR/USD currency pair tried to surpass the 100-hour SMA near 1.0820. During today’s morning, the pair failed to surpass the given SMA again.
If the given resistance holds, it is likely that some downside potential could prevail in the market. Note that the exchange rate could gain support of the weekly S1 at 1.0788.
If the given support level holds, the Euro could consolidate against the US Dollar in the short term. It is unlikely that bulls could prevail, and the currency pair could exceed the 200-hour SMA near 1.0840.
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