EUR/USD Analysis: Could consolidate
|EUR/USD
On Friday, the EUR/USD currency pair traded sideways around the psychological level at 1.1100. During today's morning, the pair was testing the resistance of the 55-hour SMA, currently located at 1.1107.
If the given moving average holds, it is likely, that the Euro could depreciate against the US Dollar in the short term. A possible downside target is the psychological level at 1.1060.
Otherwise, it is expected, that the exchange rate could maintain its consolidation within the following trading hours. It is unlikely, that some upside potential could prevail in the market, as the rate is pressured by the 100-hour SMA and the weekly PP at 1.1130.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.