On Wednesday, the EUR/USD currency pair consolidated near the weekly S1 at 1.0788. During today’s morning, the pair maintained its consolidation.
Note that the exchange rate remains under pressure of the 55– and 100-hour SMAs, currently located in the 1.0810 area. Thus, some downside potential could prevail in the market. In this case the rate could gain support of the weekly S2 and the monthly S3 near 1.0750.
However, if the weekly S1 holds, it is likely that the Euro could consolidate against the US Dollar in the nearest future. It is unlikely that bulls could prevail, and the currency pair could exceed the 200-hour SMA near 1.0860.
