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The EUR/USD currency pair has been trying to surpass the resistance level formed by the weekly R1 at 1.1303 since Thursday.

If the given resistance holds, it is likely, that a reversal south could occur within the following trading hours. However, it is unlikely, that the pair could drop lower than the 1.1238/1.1263 range due to the support cluster formed by the 55-, 100– and 200-hour SMAs, as well the weekly PP and the monthly R1.

Otherwise, it is expected, that the Euro could appreciate against the US Dollar in the short term. In this case, the exchange rate could target the resistance level—the monthly R2, located at 1.1338.

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