On Tuesday, the EUR/USD currency pair skyrocketed to the weekly R2 at 1.2075.
If the predetermined resistance level holds, it is likely that a reversal south could occur in the nearest future. Note that the exchange rate could gain support from the 55-hour SMA and the weekly R1 in the 1.2000/1.2020 area.
If the given support holds, a reversal north could follow. Otherwise, the currency pair could target the support formed by the weekly PP and the 200-hour moving average circa 1.1920.
