On Monday, the EUR/USD currency pair tried to surpass the resistance formed by a combination of the weekly PP and the 100-hour SMA at 1.1266.
Given that the pair is supported by the 55-hour SMA, currently located at 1.1248, it is likely, that it re-tests the given resistance. If it does not hold, the exchange rate could reach the monthly PP and 200-hour SMA located circa 1.1280.
However, if the given support level does not hold, it is expected that bears prevail in the market in the short run. A possible downside target is the lower boundary of the short-term descending channel located circa 1.1225.
