On Monday, the EUR/USD currency pair raised to 1.1880. During today’s morning, the pair touched the 1.1900 level.
It is likely that the exchange rate could trade upwards in the short run, as it could gain support from the 55-, 100– and 200-hour SMAs in the 1.1830/1.1860 range. Note that the rate could face the resistance level—the weekly R1 at 1.1926.
If the given resistance level holds, it is likely that a reversal south could occur. In the meantime, it is unlikely that the currency pair could decline below the weekly PP at 1.1839.