On Monday, the EUR/USD currency pair reversed north from the 1.2150 mark. During today’s morning, the pair reversed south from 1.2250.
Given that the exchange rate is pressured by the 55– and 100-hour SMAs near 1.2220, it is likely that some downside potential could prevail in the market. Note that the rate could gain support from the 200-hour SMA and the weekly S1 in the 1.2159/1.2180 range.
However, if the predetermined resistance does not hold, the currency pair could trade upwards in the short term. In this case the pair could target the weekly R1 located at the 1.2316 mark.
