On Wednesday, the EUR/USD currency pair consolidated in the 1.1150 area. During today’s morning, the pair maintained its consolidation.
It is likely that the exchange rate could gain support from the 55-hour SMA near 1.1145 and trade upwards in the short term. In this case the rate could target the monthly R2 at 1.1285.
However, note that the currency pair would have to surpass the resistance level formed by the Fibo 38.20% and the weekly R1 at 1.1200. If the given level holds, it is likely that the Euro could consolidate against the Greenback.
