At the end of the previous week, the EUR/USD currency pair tried to surpass the 1.1160 level.
During Monday’s morning, the pair was squeezed by the 55– and 100-hour moving averages, located at 1.1145 and 1.1173 respectively. Thus, it is likely, that the exchange rate could trade sideways in the short term.
However, if the given 55-hour SMA does not hold, it is expected, that some downside potential prevails in the market. The rate could re-test the lower boundary of the medium-term descending channel located circa 1.1115.
