On Thursday, the EUR/USD currency pair raised to the resistance level—the weekly R3 at 1.2277.
If the predetermined resistance level holds, the exchange rate could reverse south in the short run. In this case the rate could decline to the support level formed by the weekly R1 at 1.2170.
Meanwhile, the currency pair could gain support from the weekly R2 and the 55-hour SMA near 1.2220. Thus, the pair could trade sideways within the following trading session.
