On Friday, the EUR/USD currency pair re-tested the 1.1140 level. During today’s morning, the pair raised to the 100-hour SMA at 1.1190.
If the given moving average holds, it is likely that a reversal south could occur in then nearest future. Note that in this case the exchange rate could face the support formed by the 200-hour SMA and the monthly PP at 1.1153.
However, if the given resistance does not hold, the Euro could continue to extend gains against the Greenback in the short run. A possible upside target is the weekly R1 at 1.1226.
