On Friday, the EUR/USD currency pair consolidated in the 1.1220 area. During today’s morning, the pair was testing the 100-hour SMA near 1.1260.
If the given moving average holds, it is likely that the exchange rate could reverse south in the nearest future. In this case the rate could re-test the support level—the Fibo 38.20% at 1.1200.
Meanwhile, note that the pair could gain support from the 55– and 200-hour SMAs in the 1.1230 area. Thus, some upside potential could prevail in the market, and the rate could reach the 1.1300 mark.
