During Tuesday, the EUR/USD currency pair traded sideways between the support level—the weekly S3 at 1.1275 and the resistance level formed by the weekly S2 and monthly PP located circa 1.1310.
Note, that the exchange rate is pressured by the 55-hour moving average, currently located at 1.1302. If the given resistance hold, some downside potential could prevail in the market. In this case, the rate could re-test the lower boundary of the short-term descending channel located in the 1.1240/1.1260 range.
However, if the given support level holds, a reversal north could occur within the following trading hours, and the pair could re-test the given resistance. It is unlikely, the pair could exceed the 1.1340 mark due to the resistance formed by the 100– and 200-hour SMAs, as well the monthly S1
