On Wednesday, the EUR/USD currency pair raised to the 1.1600 level. During today’s morning, the pair was trading near the given level.
It is likely that the exchange rate could gain support from the monthly R2 at 1.1575 and trade upwards in the short run. Note that the rate could face the resistance level—the weekly R3, located at 1.1638.
If the predetermined resistance holds, it is likely that a reversal south could occur. Meanwhile, note that the pair could gain support from the 55-hour SMA and the weekly R2 circa 1.1540.
