During the previous trading session, the European Single Currency broke the resistance of the monthly pivot point at the 1.1346 mark. On Tuesday morning, the rate was located between the 55-hour and the 100-hour simple moving averages at the 1.1345 mark.
Most likely, the currency exchange rate will keep trading sideways to stay at 1.1300 level. Note, the 200-hour SMA should resist the rate from surge during the day.
However, the monthly pivot point at the 1.1346 mark could support the rate to trade near the weekly R1 at 1.1410 mark.
