EUR/USD Remains Below Weekly R2

On Wednesday, the EUR/USD currency pair failed to exceed the resistance level—the weekly R2 at 1.1884.

It is likely that the exchange rate could gain support from the 55-hour moving average near 1.1840 and trade upwards in the short term. In this case the rate could target the 1.1920 level.

However, if the predetermined resistance level holds, the Euro could trade sideways against the US Dollar within the following trading session.