On Monday, the EUR/USD currency pair traded sideways in the 1.0840 area. During today’s morning, the pair skyrocketed to the Fibo 23.60% at 1.0868.
If the given level holds, it is likely that a reversal south could occur in the nearest future. In this case the exchange rate could gain support from the 55-, 100– and 200-hour SMAs, as well the weekly PP in the 1.0816/1.0840 area.
On the other hand, it is likely that the rate could continue to trade upwards in the short run. However, note that the pair would have to exceed the weekly R1 at 1.0905. If the given level holds, a reversal south could occur.
