On Tuesday, the EUR/USD currency pair re-tested the lower boundary of the medium-term ascending channel at 1.0993. During today’s morning, the pair was testing the resistance level—the monthly R1 at 1.1045.

Note that the exchange rate is supported by the 55– and 100-hour SMAs, currently located circa 1.1026. Thus, the rate could surpass the given resistance and target the 1.1070/1.080 area. If the given resistance holds, the rate could consolidate in the short run.

However, if the given moving averages do not hold, the Euro could depreciate against the US Dollar in the nearest future. In this case the pair could face support of the weekly PP at 1.1015.

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