On Tuesday, the EUR/USD currency pair raised to the 1.1360 level. During today’s morning, the pair was trading at the given mark.
It is likely that the exchange rate could remain under pressure of the monthly R2 at 1.1385 and trade downwards in the short term. In this case the rate could gain support from the 55– and 100-hour SMAs near 1.1310.
If the given support holds, it is likely that the currency pair could trade sideways in the short term. Otherwise, it is likely that the pair could target the support area formed by the weekly PP, the monthly R1 and the 200-hour SMA in 1.1230/1.1259 range.
