On Monday, the EUR/USD currency pair traded sideways around the 1.1440 level. During today’s morning, the pair continued to consolidate.
Given that the exchange rate is supported by the 55– and 100-hour SMAs near 1.1420, it is likely that some upside potential could prevail in the market. In this case the rate could try to exceed the weekly R1 at 1.1487.
Meanwhile, note that the currency pair could remain under pressure of the Fibo 50.00% at 1.1454. Thus, it is likely that a reversal south could occur, and the pair could re-test the support formed by the weekly PP and the monthly R1 in the 1.1400 area.
