On Monday, the EUR/USD currency pair tested the weekly PP at 1.1790. Yesterday, the pair tested the monthly PP at 1.1782.
It is likely that the exchange rate could gain support from the 100-hour SMA near 1.1785 and trade upwards within the short-term ascending channel. In this case the rate could target the 1.1830/1.1840 area.
In the meantime, note that the currency pair could face the resistance formed by the 55-hour SMA near 1.1810. If the given resistance holds, the pair could trade along the lower channel line.
