On Monday, the EUR/USD currency pair tried to surpass the resistance level formed by a combination of the Fibo 38.20%, the weekly PP and the 100-hour SMA at 1.1200.
During Tuesday’s morning, the pair was testing the given resistance. Given that the exchange rate is supported by the 55– and 200-hour SMAs, it is likely, that some upside potential could prevail in the market. However, the rate also has to surpass the monthly PP at 1.1217.
If the given resistance holds, it is expected, that the rate continues to trade sideways around the 1.1200 level. Also, it is unlikely, that bears could prevail in the market, and the pair could trade down due to the given support.
