On Thursday, the EUR/USD currency pair skyrocketed to the 1.1000 level. During today’s morning, the pair jumped to the 1.1050 mark.
From the one hand, it is likely that some upside potential could prevail in the market. In this case the exchange rate could raise to the resistance level—the monthly PP at 1.1104.
On the other hand, the currency pair could consolidate in the 1.1020 area, supported by the weekly R3 and the monthly S1 at 1.0980. It is unlikely that bears could prevail, and the pair could decline below the 55-hour SMA near 1.0940.