On Tuesday, the EUR/USD currency pair tested the resistance formed by the 100– and 200-hour SMAs, as well the weekly PP in the 1.1800 area.
Note that the exchange rate is pressured by the 55-hour moving average near 1.1760. Thus, it is likely that some downside potential could prevail in the market in the short run.
Meanwhile, note that the rate could gain support from the Fibo 61.80% at 1.7007 and reverse north in the nearest future. If the 55-hour SMA holds, it is likely that the Euro could consolidate against the US Dollar.
