Yesterday, the EUR/USD currency pair reached the resistance level formed by the weekly R2 at the 1.1234 mark. During today’s morning, the pair was trading near the given resistance.
If the given level holds, it is expected, that a reversal south could occur in the nearest future. However, note, that the exchange rate has to surpass the Fibo 38.20%. If the given support holds, the rate could trade sideways.
It is unlikely, that the pair could tumble lower than the 1.1099/1.1148 range due to the support cluster formed by the 55-, 100– and 200-hour SMAs, as well the weekly PP.
If the given resistance does not hold, the pair could maintain its growth in the nearest future. A possible upside target is the monthly R1 at 1.1278.
