Despite attempting to edge higher early on Friday, the Euro lost momentum against the Greenback and thus had reached the 1.1740 mark on Monday morning. The 2018 low is located at 1.1720.
During the past trading sessions, the rate has been moving relatively sideways with a slight tendency south. The same situation might occur during this session, as well; however, no massive leaps either direction should occur due to several European banks being closed today.
Bears might try to push the rate down to the weekly S1 at 1.17, but a move below it is rather unlikely. If looking at the upside potential, the pair is expected to find strong resistance near 1.1820 where the 55– and 100-hour SMAs and the monthly S2 are located.
