On Monday, the EUR/USD currency pair skyrocketed to the 1.1080 level. During today’s morning, the pair was consolidating at the given level.

From the one hand, the exchange rate could continue to extend gains in the short term. In this case, the rate would have to surpass the resistance level –the weekly R3 at 1.1093.

From the other hand, a reversal south could occur in the nearest future. Note that the currency pair would have to surpass the support level formed by the weekly R2 and the monthly PP at 1.1060.

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If the given support and resistance levels hold, it is likely that the Euro could continue to consolidate against the Greenback in the short run.

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