On Monday, the EUR/USD currency pair dropped to the support level—formed by the weekly S3 at 1.1275. During today’s morning, the pair reversed north.
Some upside potential could prevail in the market in the short term. However, note, that the exchange rate has to surpass the resistance formed by the monthly PP and the weekly PP located circa 1.1310.
If the given resistance and support levels hold, it is expected, that the pair could trade sideways within the following trading session.
It is unlikely that the Euro could exceed the 1.1343 mark due to the resistance level formed by the 55-, 100– and 200-hour SMAs, as well the weekly S1.
