On Tuesday, the EUR/USD currency pair consolidated in the 1.1000 area. During today’s morning, the pair was trading near the weekly PP at 1.0977.
It is likely that the exchange rate could remain under pressure of the 55– and 100-hour SMAs near 1.1025 and trade downwards in the short term. In this case the rate could gain support from the 200-hour SMA near 1.0900.
If the given support holds, it is likely that the Euro could consolidate against the US Dollar in the short term. Otherwise, it is likely that the currency pair could decline to the weekly S1 at 1.0805.
