During Thursday’s trading session, the Euro declined to the support level formed by the weekly R1 at 1.1254. During today’s morning, the EUR/USD exchange rate reversed north towards the resistance level—the weekly R2 at 1.1290.
If the given resistance does not hold, it is likely, that the pair continues to go upwards and reaches the upper boundary of the short-term channel located circa 1.3130.
Otherwise, it is expected, that the currency pair trades sideways between the given resistance level and the 100-hour SMA, currently located at the 1.1266 mark.
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