During Friday morning, the EUR/USD currency pair tried to surpass the resistance level formed by the Fibo 23.60% at 1.0886. During today’s morning, the pair was testing the given level.
If the given resistance level holds, it is likely that a reversal south could occur in the nearest future. Note that the exchange rate could gain support from the 55-hour SMA near 1.0860.
If the given support holds, it is likely that that the Euro could trade sideways against the US Dollar in the short run. Otherwise, the currency pair is likely to target the psychological level at 1.0820.
