Yesterday, the EUR/USD currency pair tried to surpass the resistance level formed by the monthly R2 at 1.1338. During today’s morning, the pair was still testing the given resistance.
Note, that the exchange rate is supported by the 55– and 100-hour moving averages, currently located at 1.1319 and 1.1304 respectively. Thus, the rate could surpass the given resistance and reach the 1.1360 level.
If the given resistance level holds, it is expected, that the pair could continue to trade sideways. Also, it is unlikely, that the rate could drop lower than the weekly PP at the 1.1281 mark.