Yesterday, the EUR/USD currency pair was trading sideways in the 1.1020/1.1070 area. During Thursday morning, the pair was testing the resistance level—the monthly PP at 1.1069.
Note that the exchange rate is supported by the 55-, 100– and 200-hour SMAs, currently located circa 1.1050. Thus, some upside potential could prevail in the market, and the rate could re-test the upper line of the short-term ascending channel at 1.1100.
However, if the given resistance holds, it is likely that the Euro could continue to consolidate against the US Dollar in the short term. If the given support does not hold, the pair could target the psychological level at 1.1000.
