On Tuesday, the EUR/USD currency pair declined to the support level—the monthly PP at 1.0968. During today’s morning, the pair was testing the given level.
If the given support holds, it is likely that a reversal north could occur in the nearest future. In this case the exchange rate could face the resistance cluster formed by the 55– and 100-hour SMAs, as well the monthly R1 in the 1.1090/1.1157 area.
On the other hand, the currency pair could trade sideways near the given support level in the short term. Also, it is unlikely that bears could prevail, and the pair could decline below the Fibo 23.60% at 1.0886
