On Wednesday, the EUR/USD currency pair raised to the 1.1340 level. During today’s morning, the pair tested the resistance level—the weekly R1 at 1.1364.
It is likely that some downside potential could prevail, and the exchange rate could re-test the lower line of the short-term ascending channel circa 1.1290.
Meanwhile, note that the rate could gain support from the weekly R1 and the 55-hour SMA at 1.1308. If the given level holds, a reversal north could occur, and the pair could re-test the predetermined resistance.