On Monday, the EUR/USD currency pair consolidated in the 1.0870 area. During today’s morning, the pair declined to the 1.0840 mark.
Given that the exchange rate is pressured by the 55– and 100-hour SMAs near 1.0865, it is likely that some downside potential could prevail. Note that the rate would have to surpass the weekly S1 at 1.0797.
However, if the currency pair fails to decline below a local support level at 1.0820, it is likely that the Euro could consolidate against the US Dollar in the nearest future.
