During Thursday, the EUR/USD currency pair traded sideways at 1.1200 level. During today’s morning, the pair continued to consolidate at the given level.
Note, that the exchange rate is pressured by the 55– and 100-hour SMAs, as well the Fibonacci 38.20% retracement at 1.1200. Thus, some downside potential could prevail in the market in the short term. In this case, the rate could be supported by the weekly R1, the monthly PP and the 200-hour SMA in the 1.1154/1.1169.
# On the other hand, it is expected, that the pair could maintain its consolidation within the following trading session. Also, it is unlikely, that the Euro could exceed 1.1234 against the US Dollar due to the resistance of the weekly R2.
