On Wednesday, the EUR/USD currency pair failed to surpass the resistance level –the weekly R3 at 1.1093. During today’s morning, the pair was testing the given resistance.
Note that the exchange rate is supported by the 55-hour moving average, currently located at 1.1081. Thus, it is likely that some upside potential could prevail in the market, and the rate could target the monthly R1 at 1.1138.
However, if the given resistance level holds, it is likely that a reversal south could occur in the nearest future. In this case the pair could gain support of the weekly R2 and the monthly PP at 1.1060. Also, it is unlikely that the rate could drop lower than the 200-hour SMA at 1.1036.
