On Tuesday, the EUR/USD currency pair consolidated at the 1.1080 level. During today’s morning, the pair continued to consolidate at the given level.
Note that the exchange rate is supported by the 55-hour moving average, currently located at 1.1066. Thus, some upside potential could prevail in the market. However, note that the rate has to surpass the resistance level formed by the weekly R3 at 1.1093.
If the given resistance holds, it is likely that the Euro could continue to trade sideways against the US Dollar in the short term. Also, it is unlikely that bears could prevail, and the pair could drop lower than the weekly PP at 1.1012.
