On Friday, the EUR/USD currency pair reversed south from the 2020 high at 1.1903. During today’s morning, the pair declined to 1.1750.

Given that the exchange rate is pressured by the 55– and 100-hour SMAs in the 1.1800 area, it is likely that some downside potential could prevail in the market.

Meanwhile, note that the rate could gain support from the 200-hour SMA and the Fibo 61.80% at 1.1707. If the given support holds, it is likely that the Euro could consolidate against the US Dollar in the short run.

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