Since Friday, the EUR/USD currency pair has been testing the psychological level at 1.1900.
It is likely that the exchange rate could gain support from the 55-hour moving average near 1.1840 and trade upwards in the short term. In this case the rate could face the resistance formed by the 2020 high and the weekly R1 circa 1.9950.
In the meantime, it is unlikely that bears could prevail in the market, and the currency pair could decline below the support area formed by the 200-hour SMA, the Fibo 61.80% and the weekly S1 in the 1.1689/1.1735 range.
