EUR/USD Squeezed By 100– And 200-Hour SMAS

Yesterday, the EUR/USD currency pair declined to the support provided by the 200-hour SMA at 1.1109. During Friday morning, the pair was trying to surpass the 55-hour SMA at 1.1120.

Given that the exchange rate is pressured by the 100-hour moving average at 1.1131, it is likely that some downside potential could prevail in the market. In this case the rate could target the psychological level at 1.1080.

However, if the given support 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 pair could exceed the psychological level at 1.1150.