On Monday, the EUR/USD currency pair failed to exceed the 1.1280 level. During today’s morning, the pair declined below 1.1220.

It is likely that some downside potential could prevail in the market, as the exchange rate is pressured by the 55-, 100– and 200-hour SMAs near 1.1240. In this case the rate could decline below the 1.1160 mark.

Meanwhile, note that the currency pair could gain support from the Fibo 38.20% at 1.1200. If the given level holds, it is likely that the Euro could consolidate against the US Dollar in the short run

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