Yesterday, the EUR/USD currency pair traded sideways, trying to surpass the resistance of the 55-hour SMA at 1.1090. During Tuesday morning, the pair was still testing the given resistance.
Note, that the exchange rate is also pressured by the 100-hour moving average, currently located at the 1.1112 mark. Thus, it is unlikely, that some upside potential could prevail in the market in the short term.
It is likely, that the Euro could depreciate against the US Dollar within the following trading session. Note, that the nearest support level is the weekly S1 at 1.1028. Otherwise, it is expected, that the pair could continue to consolidate.
