During Wednesday morning hours, the EUR/USD currency pair raised to the resistance level—the weekly R1 at 1.2140.
If the predetermined level holds, the exchange rate could bounce off and trade downwards in the short run. Note that the rate could gain support from the 55-, 100– and 200-hour SMAs, as well the weekly PP in the 1.2040/1.2080 range.
If the given resistance level does not hold, the currency pair could continue to extend gains. In this case the pair would have to exceed the resistance level at the 1.2180 mark.
