Yesterday, the EUR/USD currency pair re-tested the upper boundary of the short-term ascending channel at 1.1258.
During Tuesday’s morning, the pair was testing the support of the 55-hour SMA at 1.1235. If the given moving average holds, it is likely, that the exchange rate could reverse north and target the psychological level at the 1.1260 mark.
However, from a theoretical point of view, it is expected, that the rate could target the lower channel line located circa 1.1215. A breakout south is unlikely to happen due to the support level formed by the 100-hour SMA, as well the weekly and monthly PPs at 1.1217.
