During Wednesday morning hours, the EUR/USD currency pair skyrocketed to 1.2210.
It is likely that the exchange rate face the resistance level formed by the weekly R2 at 1.2222. Thus, a reversal south could occur in the nearest future. Note that the rate could gain support from the 55-, 100– and 200-hour SMAs, as well the weekly R1 in the 1.2130/1.2170 range.
If the predetermined support area holds, the currency pair could reverse north. Otherwise, the pair could decline to the weekly PP located at the 1.2114 mark.
