Since Thursday, the EUR/USD currency pair has been consolidating near the weekly S2 at 1.1664.

Given that the exchange rate is pressured by the 55-hour moving average near 1.1670, it is likely that some downside potential could prevail in the market. In this case the rate could gain support from the weekly S3 and monthly S2 near 1.1600.

In the meantime, it is unlikely that bulls could prevail in the market, and the currency pair could exceed the resistance formed by the weekly and monthly S2, as well the 200-hour SMA in the 1.1760 area.

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