On Friday, the EUR/USD currency pair raised to the resistance level—the monthly R1 at 1.1157. During today’s morning, the pair reversed south.
Note that the exchange rate could gain support from the 55-hour SMA near 1.1030, and re-test the given resistance in the nearest future. If it does not hold, some upside potential could prevail in the market. In this case the rate would have to surpass the Fibo 38.20% at 1.1200 as well.
However, if the given resistance holds, it is likely that the Euro could consolidate against the Greenback in the short term. Also, it is unlikely that bears could prevail in the market, and the pair could decline below the Fibo 23.605 at 1.0886.
