On Monday morning, the EUR/USD traded above the support of the 55-hour simple moving average. Meanwhile, the rate had no technical resistance as high as the weekly R1 at 1.1307.
In general, it was expected that the rate will reach for the technical resistance level, as soon as the support of the 100 and 200-hour simple moving averages approaches from below.
On the other hand, note that the 1.1300 level has been providing resistance to the currency exchange rate in the past. It could stop a surge.
