During the end of the previous trading week the EUR/USD currency pair reached the resistance level formed by the 200-hour SMA at 1.1123. During Monday’s morning, the pair was testing the given resistance.
If the given moving average holds, it is expected, that a reversal south could occur in the nearest future. However, note, that the exchange rate would have to surpass the support cluster formed by the 55- and 100-hour SMAs, as well the weekly PP in the 1.1085/1.1108 range.
Otherwise, it is expected, that some upside potential could prevail in the market in the short term. In this case the rate could target the resistance formed by the weekly R1 and the monthly PP at the 1.1169 mark.
