Yesterday, the EUR/USD currency pair re-tested the lower boundary of the short-term ascending channel at 1.1232 and jumped to the resistance level—the monthly PP at 1.1281.
If the given resistance level holds, most likely, the exchange rate steps lower to the support level formed by a combination of the weekly R1 and the 100-hour SMA at the 1.1254 mark.
On the other hand, the pair could use the support of the 55-hour SMA at 1.1269 and breach the given resistance. Also, today’s the US PPI data release on 12:30 GMT could push the Euro to appreciate against the US Dollar to the upper channel line at 1.1300.
