On Friday, the EUR/USD currency pair raised to the monthly R2 at 1.1385. During today’s morning, the pair is testing the support provided by the 55-hour SMA near 1.1300.
If the given moving average holds, it is likely that some upside potential could prevail in the market, and the exchange rate could re-test the monthly R2. If the given resistance holds, it is likely that the rate could trade sideways in the short run.
Meanwhile, it is unlikely that some downside potential could prevail in the market due to the support area formed by the weekly PP, the monthly R1, the 100-hour SMA and the Fibo 38.20% in the 1.1200/1.1259 range
