Yesterday, the EUR/USD currency pair surged to the 1.1260 level. During today’s morning, the pair was testing the resistance level formed by the weekly R1 at 1.1303.
If the given resistance level holds, it is expected, that a reversal south could occur in the nearest future. Note, that in this case the exchange rate could be supported by the 200-hour SMA, the weekly PP and the monthly R1 in the 1.1254/1.1265 range.
If the given resistance does not hold, it is likely, that the rate could continue to go upwards. Note, that the nearest resistance level could be the monthly R2 at 1.1338.