During Thursday morning hours, the EUR/USD currency pair exceeded the weekly R2 at 1.2222.

It is likely that now the exchange rate could gain support from the predetermined level and continue to trade upwards in the short term. Note that the rate could face the resistance level formed by the weekly R3 at 1.2277.

In the meantime, it is unlikely that bears could prevail in the market, and the currency pair could decline below the support area formed by 55-, 100– and 200-hour SMAs, as well the weekly R1 in the 1.2137/1.2176 range.