On Thursday, the EUR/USD currency pair raised to the psychological level at 1.1030. During today’s morning, the pair was testing the support provided by the 100-hour SMA at 1.1017.
If the given support holds, it is likely that some upside potential could prevail in the market in the nearest future. In this case the exchange rate could face the resistance formed by the 200-hour SMA, currently located at 1.1041.
If the given support does not hold, it is likely that the Euro could depreciate against the US Dollar in the nearest future. However, note that the currency pair could gain support of the 55-hour SMA at the 1.10111 mark.
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