On Friday, the EUR/USD currency pair consolidated in the 1.0800 area. During today’s morning, the pair maintained its consolidation.
Given that the exchange rate is pressured by the 55-hour SMA near 1.0850, it is likely that some downside potential could prevail in the market. In this case the rate could target the weekly S1 at 1.0667.
However, if the currency pair fails to surpass the 1.0750 level, it is likely that the Euro could continue to consolidate against the US Dollar in the short term.
Also, it is unlikely that bulls could prevail in the market, and the pair could exceed the resistance cluster formed by the 100– and 200-hour SMAs, as well the weekly PP in the 1.0905/1.0945 area.
