During Monday morning, the EUR/USD currency pair consolidated in the 1.1100/1.1150 area. During today’s morning, the pair exceeded the 1.1150 level.
It is likely that the exchange rate could face the resistance formed by the Fibo 38.20% and the weekly R1 near 1.1200. Thus, it is likely that a reversal south could occur.
Note that the rate could gain support from the 55-hour moving average near 1.1120. If the given support holds, it is likely that the Euro could consolidate against the US Dollar. Otherwise, the pair could target the weekly PP at 1.1041.
