EUR/USD Analysis: squeezed by moving averages
|EUR/USD
On Tuesday, the EUR/USD currency pair re-tested the 1.1110 level. During today's morning, the pair was trading at the 1.1130 mark.
Note that the exchange rate is pressured by the 200-hour SMA and the weekly PP at 1.1139. Thus, it is likely that some downside potential could prevail in the market.
On the other hand, the currency pair could gain support of the 55– and 100-hour SMAs, located at 1.1131 and 1.1121 respectively, and go upwards. In this case the pair could face the resistance level—the monthly PP at 1.1153.
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