The common European currency surged by 26 pips or 0.22% against the US Dollar on Monday. The surge was stopped by the weekly pivot point at 1.1873 during Monday’s trading session.
Currently, the exchange rate is trading near the upper boundary of a descending channel pattern and could be set for a breakout.
If the breakout occurs, a surge towards the 1.1920 area could be expected within this session.
However, the 200– hour simple moving average at 1.1894 could provide resistance for the EUR/USD currency exchange rate today.
