EUR/USD Analysis: Tests dominant support

EUR/USD

On Monday morning the EUR/USD was testing the support of a medium scale ascending pattern. The forecasts surround this level. 

Namely, in the first and main scenario the rate is expected to bounce off from the support line and surge up to the resistance of the 55-hour simple moving average. By the middle of Monday's trading the SMA was moving lower near the 1.1340 mark.  

On the other hand, the pair might break the support of the pattern. Afterwards, it would face the support of a monthly pivot point at 1.1300.

EURUSD

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