On Friday, the EUR/USD currency pair raised to the 1.1650 level. During today’s morning, the pair tested the resistance level formed by the monthly R3 and the Fibo 61.80% circa 1.1710.
If the given resistance holds, it is likely that a reversal south could occur. In this case the exchange rate could gain support from the 55– and 100-hour SMAs, as well the weekly PP and the monthly R2 in the 1.1573/1.1625 range.
Meanwhile, it is unlikely that bulls could prevail in the market, and the currency pair could exceed the weekly R2 located at the 1.1828 mark in the nearest future.
