The EUR/USD reached the targeted 1.1380 soon after yesterday’s publications. Moreover, three hours after reaching the weekly R1 at 1.1380 the pair continued to surge and reached the resistance levels of the daily chart at the 1.1400 level.
The 1.1400 level managed to hold the pair back from continuing to surge and forced it into a retracement downwards. Although, on Wednesday morning the pair was once more making an attempt to pass the level.
In general, watch the 1.1400 closely, if it gets clearly passed, the rate should head for the weekly R2 at the 1.1424 level. On the other hand, another retreat downwards wot the 1.1380 level might occur, if the 1.1400 holds.
