EUR/USD Is Testing 1.1420

After several days of consolidation EUR/USD is back to testing the resistance level at 1.1420. Whether or not the pair will be able to break above that resistance will become clear after the fundamentals later today, but if it does, I think we can expect it to continue climbing towards the next resistance level at 1.1500 – 1.1540, which coincides with (MA)89 on the weekly time frame. Should the pair be able to break above that level, it will likely continue moving to the upside towards the previous high at 1.1713. On the other hand, if it bounces off it, EUR/USD will probably retrace back to the current resistance at 1.1420, which would’ve become a support level instead.