On Friday, the EUR/USD currency pair consolidated in the 1.0840 area. During today’s morning, the pair was trading at 1.0820.
Note that the exchange rate is pressured by the 55– and 100-hour SMAs near 1.0830. Thus, some downside potential could prevail in the market. In this case the rate could gain support from the weekly and monthly S1s in the 1.0747/1.0776 area.
If the given support levels hold, it is likely that a reversal north could occur in the short run. Meanwhile, it is unlikely that the currency pair could exceed the 1.0900 mark due to the resistance formed by the Fibo 23.60% and the monthly PP.
