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Since Friday, the EUR/USD currency pair has been testing the resistance level at 1.2180.

It is likely that the exchange rate could gain support from the 55-, 100– and 200-hour SMAs, as well the weekly PP in the 1.2140/1.2160 range. Thus, some upside potential could prevail in the market, and the rate could target the weekly R1 at 1.2225.

In the meantime, if the predetermined support does not hold, the currency pair could bounce off the given resistance level. In this case the pair could target the weekly S1 at 1.2089.