On Monday, the EUR/USD currency pair tested the resistance level formed by the weekly R1 at 1.1366. During today’s morning, the pair touched 1.1330.
It is likely that the exchange rate could gain support from the 55– and 100-hour SMAs near 1.1320. Thus, some upside potential could prevail in the market. In this case the rate could target the monthly R1 at 1.1404.
However, if the given resistance level holds, it is likely that the Euro could trade sideways against the US Dollar within the following trading session.
