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On Wednesday, the EUR/USD currency pair raised to the 1.2125 level.

It is likely that the exchange rate could gain support from the 55-hour SMA and the weekly R2 in the 1.2070 area and trade upwards in the short term. In this case the rate could face the resistance level—the weekly R3 at 1.2185.

Meanwhile, if the predetermined level holds, a reversal south could occur in the nearest future. In this case the currency pair could decline to the support provided by the weekly R1 and the 100-hour SMA near 1.2015.