On Friday, the EUR/USD currency pair reversed south from the psychological level at 1.2260.
It is likely that some downside potential could prevail in the market due to the resistance area formed by the 55– and 100-hour SMAs, as well the weekly PP in the 1.2200/1.2240 range. The exchange rate could target the weekly S2 at 1.2059.
However, if the predetermined resistance does not hold, the rate could reverse north in the nearest future. In this case the pair could target the weekly R1 located at the 1.2316 mark.
