On Monday, the EUR/USD currency pair traded sideways along the support level—the 55-hour moving average at 1.1307.
Note, that the pair is pressured by the monthly R2 located at the 1.1338 mark. Thus, if the given resistance and support hold, it is likely, that the exchange rate could continue to trade sideways.
If the given resistance does not hold, it is expected, that the rate could extend gains and reach the psychological level at 1.1360.
From the technical perspective, it is unlikely, that the pair could drop lower than the 1.1280 mark due to the support level formed by the weekly PP and the 100-hour SMA.
