On Friday, the EUR/USD currency pair traded downwards. During today’s morning , the pair was testing the 1.2160 level.
It is likely that the exchange rate could face the resistance level—the weekly R1 at 1.2170. Thus, some downside potential could prevail in the market. Note that the rate could gain support from the 55-, 100– and 200-hour SMAs, as well the weekly PP in the 1.2120 area.
If the predetermined support range holds, it is likely that a reversal south could follow. Otherwise, the currency pair could target the 1.2080/1.2100 area.
