Since Tuesday, the EUR/USD currency pair has been trading sideways in the 1.2160 area.
It is likely that the exchange rate could gain support from the 55-hour moving average near 1.2150. Thus, some upside potential could prevail in the market, and the rate could target the 1.2220/1.2240 range.
Meanwhile, note that the currency pair would have to exceed the 1.2180 mark and the weekly R1 at 1.2186. If the given resistance holds, the pair could bounce off to the support formed by the 100– and 200-hour SMAs, as well the weekly PP in the 1.2105/1.2130 area.
