During Friday, the EUR/USD currency pair traded sideways in the 1.1100/1.1150 range. During today’s morning, the rate continued to trade within given area.
Note that the exchange rate could gain support from the 55-hour SMA near 1.1090 and extend gains in the short run. In this case the rate could face the resistance cluster formed by the weekly and monthly R1s, as well the Fibo 38.20% in 1.1200/1.1246.
However, if the given support does not hold, it is likely that some downside potential could prevail in the market. In this case the pair would have to surpass the support area formed by the 100– and 200-hour SMAs, as well the weekly and monthly PPs in 1.0985/1.1041.
