On Thursday, the EUR/USD currency pair tried to surpass the resistance level formed by the weekly R2 at 1.1137. During today’s morning, the pair continued to test the given resistance.
If the given resistance level holds, it is likely that the Euro could continue to consolidate against the US Dollar in the short run. Otherwise, the exchange rate could reverse south. However, it is unlikely that the rate could drop lower than the monthly R1 at 1.1045.
If the given resistance level does not hold, the Euro could extend gains against the Greenback in the nearest future. A possible upside target is the resistance formed by the monthly R2, the weekly R3 and the Fibo 38.20% circa 1.1200.