During Wednesday, the EUR/USD currency pair traded sideways round the psychological level at 1.1140. During today’s morning, the pair was testing the 2018/2019 minimum at 1.1124.
If the given minimum holds, it is likely, that the exchange rate could reverse north. However, note, that the rate has to surpass the resistance level formed by the 55-hour SMA and the weekly S2 at 1.1152. If the given resistance holds, the pair could continue to consolidate.
If the given minimum does not hold, it is expected that the rate could decline to the weekly S3 at the 1.1103 mark. Also, note, that ECB Monetary Policy Statement data release could push the pair lower.
