During Friday, the EUR/USD currency pair reversed south from the 1.2177 mark.
It is likely that the exchange rate could gain support from the weekly PP at 1.2075 and trade upwards in the short term. Note that the nearest resistance level—the weekly R1, is located at 1.2226.
Meanwhile, note that the rate could face the resistance provided by the 55-hour SMA near 1.2138. Thus, some downside potential could prevail in the market, and the pair could decline to the support area formed by the weekly S1 and the 200-hour SMA in the 1.1972/1.2018 range.
