On Tuesday, the EUR/USD currency pair failed to surpass the Fibo 23.30% at 1.0886. During today’s morning, the pair was trading near 1.0850.
It is likely that the exchange rate could gain support from the 55– and 200-hour SMAs near 1.0840 and trade upwards in the short run. However, note that the rate would have to surpass the given Fibo, as well the weekly R1 at 1.0905.
If the given resistance holds, it is likely that the Euro could consolidate against the US Dollar within the following trading session.
Also, it is unlikely that bears could prevail in the market, and the currency pair could decline below the support level formed by the 100-hour SMA and the weekly PP at 1.0816.
