The EUR/USD has reached the previously set target. The monthly pivot point at 1.1410 has been reached on Tuesday morning.
In regards to the near term future, the pair is expected to trade sideways below the resistance until the 55-hour simple moving average approaches the pair from below. In addition, the pair will find support in the lower trend line of the ascending pattern that represents the Federal Reserve’s causes surge.
On the other hand, information that would reveal upcoming increase of the US Dollar’s supply could cause a break of the monthly pivot point. In this case the rate would aim at the weekly R1 at 1.1438.
