On Monday, the EUR/USD currency pair reversed north from the 1.1620 level.

It is likely that the exchange rate could gain support from the 55– and 100-hour moving averages in the 1.1650 area. Thus, the rate could target the monthly S1 located at 1.1767.

Meanwhile, note that the currency pair would have to exceed the resistance formed by the 200-hour SMA, the weekly PP and the Fibo 61.80% in the 1.1707/1.1725 area. If the given resistance holds, the pair could consolidate in the short run.

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