On Friday, the EUR/USD currency pair dropped to the 1.1760 level. During today’s morning, the pair was trading upwards.
It is likely that the exchange rate could face the resistance formed by the 55–, 100- and 200-hour SMAs, as well the weekly PP in 1.1830/1.1865. Thus, the rate could reverse south and target the support level formed by the weekly S1 and the Fibo 61.80% circa 1.1710.
However, if the given resistance does not hold, it is likely that some upside potential could prevail in the market. In this case the currency pair could target the weekly R1 at 1.1924.
