EUR/USD Analysis: Could trade sideways
|During the previous trading session, the EUR/USD currency pair skyrocketed to the 200-hour SMA at the 1.1180 mark. During Friday's morning, the pair was testing the resistance level—the weekly PP at 1.1192.
Note, that the pair is trading near the upper boundary of the short-term descending channel at 1.1200. Thus, it is likely, that a reversal south could occur soon. In this case, the pair would be supported by the given moving average, as well the 55– and 100-hour SMAs at 1.1162.
On the other hand, the exchange rate could trade sideways between the 200-hour moving average and the Fibonacci 38.20% retracement located at the 1.1200 mark.
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