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Since Thursday, the EUR/USD currency pair has been testing the psychological level at 1.2160.

It is likely that the exchange rate could gain support from the 55-, 100– and 200-hour SMAs in the 1.2110 area. Thus, some upside potential could prevail in the market, and the rate could re-test the 2020 high at 1.2177.

If the predetermined level holds, a reversal south could follow. Otherwise, the currency pair could exceed the psychological level at 1.2200 within the following trading session.