Yesterday, the EUR/USD currency pair tried to surpass the psychological level at the 1.1220 mark. During Tuesday’s morning, the pair was testing the support level – the weekly PP at 1.1186.
Note, that the exchange rate is pressured by the 55- and 100-hour SMAs, as well the Fibonacci 38.20% retracement at 1.1200. Thus, it is likely, that the rate could trade down in the nearest future. A possible downside target is the support level formed by the 200-hour SMA and the monthly PP at 1.1169.
If the given resistance does not hold, it is expected, that the Euro could appreciate against the US Dollar in the short term. In this case, the pair could try to surpass the given psychological level. It is unlikely, that the rate could 1.1235 due to the upper boundary of the short-term descending channel.
