At the end of last week, the EUR/USD currency pair raised to the 1.1350 level. During Monday morning, the pair was testing the resistance range formed by the weekly R1, the monthly R3 and the Fibo 50.00% in the 1.1416/1.1475.
If the given resistance holds, it is likely that a reversal south could occur. In this case it is unlikely that the exchange rate could decline below the monthly R2 at 1.1285.
Otherwise, it is likely that some upside potential could prevail in the market. In this case the currency pair would have to surpass the weekly R2 located at the 1.1544 mark.
