On Tuesday, the EUR/USD currency pair dropped to the support level formed by the monthly PP at 1.1071. During today’s morning, the pair was testing the given support.
If the given support level holds, it is likely that some upside potential could prevail in the market. However, it is unlikely that the exchange rate could exceed the 1.1118/1.1139 area due to the resistance formed by the 55- and 100-hour SMAs, as well the weekly PP.
On the other hand, the Euro could trade sideways against the Greenback between the given support level and the weekly S1 at 1.1102. If the given support does not hold, the rate could target the weekly S2 at 1.1037.
