EUR/USD managed to regain some ground following a reversal form the senior channel and the monthly S3 on Monday. This advance, however, was very limited, as the rate remained under pressure by the 55-hour SMA.

This minor appreciation has now picked up the slight upward tendency of technical indicators on both the 1H and 4H time-frames. This means that this week could bring further momentum north. If looking at today, the Euro has to overcome the strong resistance of the aforementioned moving average at 1.1422 in order to move higher. The overall upside potential for today is the 100-hour SMA at 1.15.

In the meantime, a fall should exceed the 1.1350 mark only if some outside pressure is put on the pair.

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