Since Monday afternoon, the EUR/USD currency pair has been trading sideways around the weekly S1 at 1.2161.
It is likely that the exchange rate could be pushed down by the 55-hour moving average near 1.2190. Note that the rate could gain support from the weekly S2 at 1.2099. If the given support level holds, a reversal north could follow.
In the meantime, it is unlikely that bulls could prevail in the market, and the currency pair could exceed the 1.2240/1.2260 area due to the resistance formed by the 100– and 200-hour SMAs, as well the weekly PP.
