During Wednesday, the EUR/USD currency pair was highly volatile due to the US Presidential election. During today’s morning, the pair jumped to the weekly R1 at 1.1795.
If the predetermined resistance level holds, it is likely that a reversal south could occur. Technically, the exchange rate could gain support from the 55-, 100– and 200-hour SMAs, as well the weekly PP and the Fibo 61.80% in 1.1680/1.1725 range.
Otherwise, some upside potential could continue to prevail in the market. In this case the currency pair could try to exceed the psychological level at 1.1850
