On Thursday, the EUR/USD currency pair jumped to the resistance level—the weekly R2 at 1.1174. During today's morning, the pair was trading near the given level.
From the one hand, it is likely that some upside potential could prevail in the market. Note that the exchange rate has to surpass the Fibo 38.20% at 1.1200. The rate could reach the weekly R3 at the 1.1232 mark.
However, if the given resistance holds, it is likely that the Euro could consolidate against the US Dollar in the short run. Also, it is unlikely that bears could prevail, and the pair could drop lower than the weekly R1 at 1.1118.
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