On Monday, the EUR/USD currency pair jumped to the monthly PP at 1.1782.

It is likely that the exchange rate could gain support from the 200-hour SMA near 1.1760 and trade upwards in the short term. In this case the rate could target the 1.1820 level.

In the meantime, note that the currency pair would have to exceed the weekly R1 at 1.1803. If the given resistance holds, the Euro could trade sideways against the US Dollar in the short run.

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