On Tuesday, the EUR/USD currency pair reversed north from the 200-hour moving average near 1.1730. During today’s morning, the pair exceeded the 1.1820 level.
It is likely that the exchange rate could gain support from the 55– and 100-hour moving averages in the 1.1770 area and extend gains in the nearest future. In this case the rate could re-test the 2020 high at 1.1903.
Meanwhile, it is unlikely that bears could prevail in the market, and the currency pair could decline below the Fibo 61.80% at 1.1707 within the following trading session.