During Thursday morning hours, the EUR/USD currency pair jumped to the 1.2220 level.
It is likely that the exchange rate could face the resistance level—the weekly R2 at 1.2251 in the nearest future. If the predetermined level holds, the rate could bounce off and decline to the support area formed by the 55-, 100– and 200-hour SMAs in the 1.2120/1.2160 range.
Otherwise, the European Common Currency could continue to appreciate against the US Dollar. In this case the currency pair could target the 1.2280/1.2300 area within the following trading session.
