On Tuesday, the EUR/USD currency pair consolidated in the 1.1730 area. During today’s morning, the pair reversed north.
It is likely that the exchange rate could gain support from the 55-hour SMA near 1.1730 and extend gains in the short term. In this case the rate could face the resistance formed by the weekly R2 and the 2019 high circa 1.1820.
If the given resistance level holds, it is likely that the Euro could trade sideways against the US Dollar within the following trading session.
