On Monday, the EUR/USD currency pair consolidated in the 1.0900 area. During today’s morning, the pair skyrocketed to 1.0960.
On the one hand, it is likely that some upside potential could continue to prevail in the market. Note that the nearest resistance level—the weekly R1, is located at 1.1010.
On the other hand, it is likely that a reversal south could occur in the nearest future. In this case the exchange rate could gain support from the 55-, 100– and 200-hour SMAs, as well the weekly and monthly PPs and the Fibo 23.60% in the 1.0886/1.0920.
