On Monday, the EUR/USD currency pair failed to exceed the resistance formed by the 100– and 200-hour SMAs, as well the weekly PP in the 1.1850 area. During today’s morning, the pair was re-testing the given resistance.
It is likely that the exchange rate could gain support from the 55-hour SMA near 1.1810 and trade upwards in the short run. In this case the rate could target the weekly R1 at 1.1924.
However, if the given resistance holds, it is likely that a reversal south could occur. Note that the currency pair could gain support at the psychological level at 1.1780.
