A strong support cluster that should limited EUR/USD is located near 1.1920.
EUR/USD is likely to remain bounded by the 55- and 200-hour SMAs today.
Technical indicators signal to bullish momentum today.
The 55- and 100-hour SMAs near 1.1920 likely to pressure the rate lower.
A breakout of the 55- and 100-hour SMAs is likely to be followed by a surge up to 1.20.
Even the 55-hour SMA was breached late on Thursday, the currency exchange rate had retreated back to the 1.1960 mark by the middle of the day.
The common European currency has not still gathered the necessary momentum to breach the 55-hour SMA.
The common European currency fell to a new five-month low early on Wednesday, thus testing a short-term trend-line.
The 55-hour SMA should continue guiding the pair in this session.
The Euro was pressured by the 55-hour SMA early on Monday which is likely to push EUR/USD lower.
The pair likely to edge higher during the morning session, while being guided by the US GDP release later in the day.
The Euro has fallen to a four-month low of 1.2165 this morning; thus, some recovery is likely today.
The common European currency was pressured lower by the 55-hour SMA early on Wednesday.
Slight downside potential could be apparent during the first part of the day; however, the Euro should eventually recover.
No strong resistance/support clusters are located nearby, so the Euro might move both directions.
The Euro breaching the 200-hour SMA could point to some bearish sentiment in this session.
The pair remains trading along the 55-hour SMA towards the senior channel.
The breaching of the 55-hour SMA is likely to be followed by bearish momentum.
Bearish pressure should prevail during the second part of the day.
Despite the resistance of the 55- and 100-hour SMAs, there is some upside potential apparent in this session.
EUR/USD is likely to remain between the 55- and 200-hour SMAs today.
The common European currency continues to move in a short-term ascending channel.
The Sterling managed to shot up to a senior trend-line circa 1.4220 early today, so a reversal might occur.
The pair is expected to respect a two-week channel and edge lower.