Yesterday, the EUR/USD currency pair traded sideways between the Fibonacci 38.20% and the monthly S1, located at 1.1200 and 1.1220 respectively. During Wednesday’s morning, the pair was trading within the given cluster.
Note, that the exchange rate is supported by the 55-hour moving average, currently located at 1.1213. Thus, it is likely, that some upside potential could prevail in the market. However, note, that the rate has to surpass the 100-hour SMA at 1.1236.
If the given resistance holds, it is expected, that a reversal south could occur in the nearest future. It is unlikely, that the pair could drop lower than the given Fibonacci retracement.
