EUR/USD is facing a strong resistance cluster on Monday. Namely, at the 1.12000 level there are three technical levels that keep the rate down. Namely, the weekly pivot point, 100-hour simple moving average and the 38.20% Fibonacci retracement level were located near 1.1200.
Meanwhile, the rate was being kept up by the support of the 55 and 200-hour simple moving averages near 1.1180. Due to that reason it was expected that the currency exchange rate will trade sideways.
Moreover, it should consolidate in the aftermath of Friday’s surge. On the other hand, the support might fail at any moment, as on Thursday, the strength of two simple moving averages was eventually overcome and the rate dropped
