During Wednesday morning hours, the EUR/USD currency pair bounced off the weekly S1 at 1.2045.
It is likely that some downside potential could prevail in the market due to the resistance formed by the 55-, 100– and 200-hour SMAs, as well the weekly PP in the 1.2080/1.2100 range. Note that the nearest support level—the weekly S2, is located at 1.1968.
In the meantime, if the weekly S1 holds, a reversal north could occur. In this case the currency pair could target the 1.2120/1.2140 area within the following trading session.
