On Monday, the EUR/USD currency pair declined to the 1.0800 level. During today’s morning, the pair reversed north.
Note that the exchange rate faced the resistance formed by the 55– and 100-hour SMAs in the 1.0825 area. Thus, some downside potential could prevail in the market.
It is likely that the currency pair could gain support from the monthly S1 at 1.0776. If the given level holds, it is likely that the Euro could consolidate against the US Dollar. Otherwise, the pair could decline to the weekly S1 at 1.0747.
