On Tuesday, the EUR/USD currency pair tested the support level formed by the monthly PP at 1.1181. During today’s morning, the pair was testing the Fibonacci 38.20% retracement at 1.1200.
Note, that the exchange rate is pressured by the 55– and 100-hour moving averages, currently located at 1.1211 and 1.1233 respectively. Thus, it is unlikely that some upside potential could prevail in the market.
If the given support level holds, it is likely, that the rate could trade sideways in the nearest future.
If the given support does not hold, the pair could target the weekly S1 located at the 1.1162.