EUR/USD Likely To Trade Sideways

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On Tuesday, the EUR/USD currency pair reached the lower boundary of the short-term channel at 1.1281. During today’s morning, the pair reversed north to the resistance level at 1.1320.

If the given resistance holds, it is likely, that the exchange rate trades sideways, supported by the 55– and 100-hour SMAs circa 1.1300. Otherwise, the pair could reach the 1.1330 level.

If the given support does not hold, it is expected, that the rate re-tests the lower channel line located circa 1.1290. However, it is unlikely, that a breakout north could occur due to support level formed by the weekly and monthly PPs at 1.1281

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