The EUR/USD has clearly passed the previous August high level near 1.1800. On Tuesday morning, the currency exchange rate reached the 1.1830 level. After reaching the 1.1830, the pair began to consolidate.
In the near term future, the pair could trade sideways until it is approached by the support of the 55 and 100-hour simple moving averages. The SMAs could provide support and push the rate into the resistance of the weekly R1 and weekly R2 simple pivot points at 1.1837 and 1.1875.
However, the rate might also consolidate its gains by retracing back down and look for support in the 1.1800 level and the previous August high levels.
