On Friday, the EUR/USD currency pair consolidated near the 2020 low at 1.0830. During today’s morning, the pair maintained its consolidation.
Note that the exchange rate is pressured by the 55-hour moving averages, currently located near 1.0850. Thus, some downside potential could prevail in the market. The nearest support level—the weekly PP, is located at 1.0788.
If the 202 low holds, it is likely that the Euro could consolidate against the US Dollar in the short run. It is unlikely that bulls could prevail, and the pair could exceed the resistance level formed by the weekly PP, the monthly S2 and the 200-hour SMA at 1.0873.
