EUR/USD has diminished its trading range in between two trend-lines. It was previously expected that the Euro weakens against the US Dollar on Monday; however, the week started with strong bullish momentum which allowed the pair to dash through significant resistance formed by the 55-, 100– and 200-hour SMAs near 1.1680 mid-session.
It is likely that this cluster supports the rate today, thus adding bullish pressure. The pair should move towards a two-week resistance level at 1.1750. The 23.60% Fibo retracement is likewise located there.
If this area is surpassed, the Euro should eventually accelerate and aim for 1.19 within the following month. This scenario is supported by technical indicators on the daily time-frame.
