On Thursday, the EUR/USD currency pair tested the support level formed by the weekly S1 at 1.1097. During today’s morning, the pair tested the resistance formed by the Fibo 23.60% and the weekly PP at 1.1220.
Note that the exchange rate could be pressured down by the 55– and 200-hour SMAs located near 1.1260 to the psychological level at 1.1000.
However, if the weekly S1 holds, it is likely that the Euro could consolidate against the US Dollar within the following trading session.
