EUR/USD analysis: Test weekly R2

EUR/USD analysis: Test weekly R2

On Tuesday, the EUR/USD currency pair failed to exceed the resistance level—the weekly R1 at 1.0952. During today’s morning, the pair continued to test the given resistance.

If the given resistance holds, it is likely that a reversal south could occur in the short run. In this case the exchange rate could face the support area formed by the weekly R1, the monthly PP, the 55-hour SMA and the Fibo 23.60% in the 1.0886/1.0908 range.

If the given resistance does not hold, it is likely that the Euro could appreciate against the US Dollar in the short term. Note that the nearest resistance level—the weekly R3, is located at 1.1008.

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