On Monday, the EUR/USD currency pair declined to the 1.1720 level. During today’s morning, the pair reversed north.
It is unlikely that some upside potential could prevail in the market due to the resistance area formed by the 55-, 100– and 200-hour moving averages, as well the weekly PP in the 1.1770/1.1820 range.
It is likely that a reversal south could occur, and the exchange rate could re-test the support level formed by the Fibo 61.80% at 1.1707. If the given support holds, it is likely that the rate could consolidate.
