On Monday, the EUR/USD currency pair tried to surpass the resistance level formed by the Fibo 38.20% and the monthly R3 1.1475. During today’s morning, the pair reversed south.
It is likely that the exchange rate could be pressured by the 55-hour SMA near 1.1370 and trade downwards in the short term. In this case it is unlikely that the rate could decline below the Fibo 23.60% at 1.1202.
However, note that the currency pair could gain support from the monthly R2 and the 100-hour SMA at 1.1280. In this case the Euro could trade sideways against the US Dollar in the short term.
