During Monday morning, the EUR/USD currency pair bounced off the resistance level at 1.2180.
It is likely that the exchange rate could gain support from 55-hour moving average near 1.2140. Thus, some upside potential could prevail in the market. In this case the rate could target the 1.2220/1.2240 range.
In the meantime, if the predetermined resistance level holds, the currency pair could trade downwards in the short run. Note that the pair could gain support from the 100– and 200-hour SMAs, as well the weekly PP in the 1.2110 area.
