EUR/USD Could Go Upwards

During Monday morning hours, the EUR/USD currency pair has been testing the 1.2140 level.

It is likely that the exchange rate could gain support from the 55– and 100-hour moving averages near 1.2125 and trade upwards in the short run. Note that the rate could face the resistance level—the weekly R1 at 1.2175.

If the predetermined resistance holds, the currency pair could bounce off and re-test the given support. Otherwise, the pair could reach the psychological level at 1.2200 in the nearest future.