On Monday, the EUR/USD currency pair re-tested the 2020 high at 1.2177.
It is likely that the exchange rate could be pushed down by the weekly R1 at 1.2170. In this case the rate could target the 1.2080/1.2100 range within the following trading session.
Meanwhile, note that the currency pair could gain support from the 55-, 100– and 200-hour SMAs, as well the weekly PP in the 1.2114/1.2140 range. Thus, some upside potential could continue to prevail in the market.
