On Tuesday morning, the common European currency had retreated below the 1.1350 mark against the US Dollar. However, the combined support of the weekly and monthly pivot points at 1.1348 and 1.1331, respectively, proved strong enough to force the currency exchange rate for a rebound. It can be expected that the pair regains some of the lost ground before it faces a notable resistance level. Most likely the resistance will be provided by the 23.60% Fibonacci retracement level at the 1.1388 mark. The retracement level is set to be reinforced by the resistance of the 55- and 100-hour SMAs, which were located at 1.1396 on Tuesday morning. It could be clearly observed that the simple moving averages will approach the pair from the upside.
