On Tuesday, the EUR/USD currency pair failed to decline below the support level—the Fibo 38.20% at 1.1200.
During today’s morning, the pair was testing the resistance formed by the 55– and 200-hour SMAs, as well the monthly and weekly PPs in the 1.1240/1.1253 area.
If the given resistance holds, it is likely that a reversal south could occur. In this case the exchange rate could target the psychological level at 1.1180.
Meanwhile, if the predetermined support holds, it is likely that the Euro could trade sideways against the US Dollar in the short run.
