On Monday morning, the EUR/USD was surging after bouncing off the support levels from 1.1015 to 1.1020. The rate was expected to test the resistance of the monthly pivot point at the 1.1045 level.
If this levels gets broken, the EUR/USD could be only kept down by the upper trend line of the channel up pattern.
On the other hand, if the pivot point holds, it would force the rate into trading sideways until the 55-hour simple moving average pushes it up.
