On Wednesday morning, the EUR/USD currency exchange rate touched the 1.2245 level. However, the rate began a retracement down in the aftermath. Potential support could be provided by the 1.2200 mark and the weekly R1 simple pivot point at 1.2201.
If the rate passes the support of the 1.2200 level, the pair could reach the 55-hour simple moving average at 1.2185 and afterwards the previous May high level zone at 1.2175/1.2180.
On the other hand, if the 1.2200 level holds, the rate would most likely surge and aim at the resistance of the 1.2245 level, the 1.2250 mark and the weekly R2 at 1.2257.
