Yesterday, the EUR/USD exchange rate reached the psychological level at 1.1220. During today’s morning, the rate was trading near the monthly PP at 1.1217.
The currency pair could use support of the given monthly PP and maintain its growth. However, the pair has to surpass the weekly R1 at the 1.1239. If the given resistance does not hold, the pair could reach the psychological level at 1.1260. Otherwise, the pair could trade sideways.
From technical perspective, it is unlikely, that the rate could decline due to the support cluster formed by a combination of the 55-, 100– and 200-hour SMAs, as well the Fibo 38.20% and the weekly PP in the 1.1170/1.1200 range.
