The EUR/USD pierced the late May support zone above the 1.2160 level on Friday. However, almost immediately the rate returned to trading near the 1.2000 level. On Monday morning, the rate fluctuated in limbo around the round exchange rate level.
In the near term future, the rate could decline, as it faced the resistance of the 100 and 200-hour simple moving averages near 1.2210. A potential decline would once again test the 1.2160 support zone and afterwards the Friday’s low level at 1.2133.
On the other hand, the rate could break the resistance of the 100 and 200-hour SMAs and surge. A move up could find resistance in the 1.2240 mark.
