The Euro gained slight advantage against the US Dollar on Monday. It managed to breach the 55-hour SMA and test the 1.1650 mark this morning.
Technical indicators are gradually recovering from the massive plunge that occurred last week. It is likely that the price continues to edge higher during the first part of the day until 1.17 is reached. This territory should hinder or even halt further advance, as several SMAs on both the 1H and 4H time-frames are located around it. The ultimate high today should be 1.1750 which has provided strong support/resistance since mid-May.
Meanwhile, bears are expected to prevail later in the day, thus sending the Euro back lower and no lower than 1.15. By and large, the pair could be located near the 1.1600/50 range early tomorrow.
