EUR/USD analysis: Exceeded weekly R1
|EUR/USD
On Tuesday, the EUR/USD currency pair exceeded the weekly R1 at 1.1898.
It is likely that the exchange rate could gain support from the given level and trade upwards in the short term. In this case the rate could face the resistance level—the weekly R2, located at 1.1936.
If the predetermined resistance holds, a reversal south could occur. In this case the currency pair could face the support area formed by the 55-, 100– and 200-hour SMAs, as well the weekly PP in the 1.1856/1.1873 area.
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