Yesterday, the EUR/USD currency pair declined to the weekly R1 at 1.1803. During Friday morning, the pair reversed north.
It is likely that the exchange rate could gain support from the 55– and 100-hour SMAs in the 1.1820 area and trade upwards in the short term. In this case the rate could exceed the 1.1900 mark.
In the meantime, note that the currency pair would have to exceed the weekly R2 at 1.1884. If the given resistance level holds, it is likely that the Euro could consolidate against the US Dollar in the short run
