On Thursday, the EUR/USD currency pair raised to the 1.1050 level. During today’s morning, the pair reversed south from the weekly R1 at 1.1080.

It is likely that the exchange rate could trade downwards in the nearest future. Note that the rate could gain support from the monthly PP at 1.0968. If the given support holds, the Euro could consolidate against the US Dollar.

If the given support does not hold, the Euro could continue to depreciate against the Greenback in the short term. In this case the currency pair would have to surpass the support cluster formed by the 55-, 100– and 200-hour SMAs, as well the Fibo 23.60%, the weekly PP and the monthly S1 in the 1.0840/1.0940 area.

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