On Wednesday, the EUR/USD currency pair consolidated in the 1.0950 area. During today’s morning, the pair was testing the support provided by the 200-hour SMA near 1.0900.
If the given support holds, it is likely that a reversal north could occur. However, note that the exchange rate would have to surpass the resistance cluster formed by the 55– and 100-hour SMAs, as well the weekly PP in the 1.0975/1.1015 area.
If the given resistance holds it is likely that the Euro could continue to consolidate against the US Dollar. Otherwise, it is likely that the given resistance could push the rate lower to the 1.0850 mark.
