On Wednesday, the EUR/USD currency pair pierced the monthly R2 at 1.1385. During today’s morning, the pair was trading near the given level.
It is likely that the exchange rate could gain support from the 55– and 100-hour SMAs near 1.1340, thus, trade upwards. In this case the rate could reach the Fibo 50.00% at 1.1454.
Meanwhile, note that the currency pair would have to surpass the weekly R1 at 1.1417. If the given level holds, it is likely that a reversal south could follow and the pair could re-test the given support.
