On Wednesday, the EUR/USD currency pair surpassed the weekly R1 at 1.1150. During today’s morning, the pair was trading at 1.1160 mark.
On the one hand, the Euro could continue to extend gains against the US Dollar within the following trading session. In this case the pair could test the resistance formed by the monthly R2 and the Fibo 38.20%, located in the 1.1190/1.1200 area.
On the other hand, the exchange rate could trade downwards in the nearest future. However, it is unlikely that the rate could decline lower than 1.1110/1.1120 due to the support provided by the 55-, 100– and 200-hour SMAs, as well the weekly PP.
