During Wednesday morning hours, the EUR/USD currency pair bounced off the resistance provided by the 100-hour SMA near 1.2210.
It is likely that the exchange rate could gain support from the 55-hour SMA and the weekly S1 in the 1.2160/1.2170 area. Thus, the rate could trade upwards in the short term. Note that the rate would have to exceed the 200-hour SMA and the weekly PP near 1.2250.
If the predetermined resistance hold, the European Common Currency could depreciate against the US Dollar. In this case the currency pair could decline to the weekly S2 located at 1.2099.