EUR/USD remained downwards-tended until mid-Friday when it reversed from the 100-hour SMA near 1.1740. By this morning, it has breached the 23.60% Fibo retracement, the monthly PP and the 55-hour SMA.
It seems that the rate might still edge higher in this session, with the upper limit being the weekly R1 and an upward-sloping trend-line circa 1.1870. Advance above this mark is not expected during the following two days, as the Euro is starting to diminish its trading range within a two-week channel up.
In terms of support, it is likely that bears lack the necessary strength to push the pair below its nearest support formed by the 100-hour SMA and the monthly and weekly PPs at 1.1760, especially if no significant data releases are scheduled for today.
