On Tuesday, the EUR/USD currency pair raised to the resistance level formed by the Fibo 38.20% and the weekly R1 at 1.1200. During today’s morning, the pair surpassed the given level.
It is likely that some upside potential could prevail in the market. Note that the exchange rate would have to surpass the monthly R1 at 1.1246.
If the given resistance holds, it is likely that a reversal south could occur. In this case the rate could gain support from the 55– and 100-hour SMAs in the 1.1120/1.1155 range. Otherwise, it is likely that the currency pair could target the weekly R2, located at 1.1316.
