EUR/USD Analysis: is below 1.1120
|EUR/USD
Yesterday, the EUR/USD currency pair breached the medium-term ascending channel south. During Friday morning, the pair traded in the 1.1100 area.
Note that the exchange rate is pressured by the 55-hour moving average, currently located at 1.1115. Thus, it is likely that some downside potential could prevail in the market. In this case the rate could face support of the monthly S1 and the weekly S2 in the 1.1060 area.
However, if the 1.1090 level holds, it is likely that the currency pair could trade sideways, trying to surpass the given SMA, as well the weekly S1. Also, it is unlikely that the pair could exceed the weekly PP at 1.1178.
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