On Monday, the EUR/USD currency pair reversed south from the resistance level at 1.2310.
It is likely that the exchange rate could gain support from the 55– and 100-hour moving averages near 1.22650 and re-test the predetermined resistance level in the nearest future.
If the given resistance holds, the rate could bounce off to the support provided by the weekly PP and the 200-hour SMA near 1.2235. Otherwise, the pair could reach the 1.2330/1.2350 area.
