On Monday, the EUR/USD currency pair raised above the 1.1750 level. During today’s morning, the pair reversed south.
It is likely that the exchange rate could gain support from the 55-hour moving average near 1.1690 and trade upwards in the short run. In this case the rate could face the resistance formed by the weekly R2 and the 2019 high circa 1.1820.
However, if the given support does not hold, it is likely that some downside potential could prevail. Meanwhile, it is unlikely that the currency pair could decline below the weekly PP and the monthly R2 at 1.1575.
