On Friday, the EUR/USD currency pair failed to exceed the monthly PP at 1.1867. During today’s morning, the pair was testing the given level.
Given that the exchange rate is supported by the 55-, 100– and 200-hour SMAs in the 1.1820 area, it is likely that some upside potential could prevail in the market. In this case the rate could target the weekly R1 at 1.1926.
However, if the predetermined resistance level holds, it is likely that a reversal south could occur. Note that the nearest support, formed by the weekly and monthly S1s, is located near 1.1760.
