During Monday morning hours, the EUR/USD currency pair pierced the weekly R1 at 1.2291.
It is likely that the exchange rate could face the resistance level at 1.2310 and reverse south in the short term. In this case the rate could decline to the support formed by the weekly PP and the 200-hour SMA in the 1.2230 area.
In the meantime, note that the currency pair could gain support from the 55– and 100-hour SMA in the 1.2260/1.2270 range. The pair could target the weekly R2 located at 1.2365.
