During early Monday’s GMT trading hours, the EUR/USD currency exchange rate bounced off the support of the lower trend line of a descending pattern. It resulted in a surge, which by the middle of the day’s trading had reached above 1.1220.
In the near term future, the rate was expected to test the resistance cluster located from 1.1234 up to 1.1246. It consists of two pivot points and the 100-hour simple moving average. If this resistance cluster fails to keep the pair down, the rate would test a combination of the 200-hour SMA and the upper trend line of the descending pattern.
On the other hand, the rate could trade sideways between the mentioned resistance cluster and the support of the 55-hour SMA and a 38.20% Fibonacci retracement level at 1.1200.
