On Wednesday, the EUR/USD currency pair tried to surpass the Fibo 23.60% at 1.0886. During today’s morning, the pair re-tested the given level.
It is likely that the exchange rate could gain support from the 55-, 100– and 200-hour SMAs near 1.0840 and trade upwards in the short run. Note that the rate would also has to surpass the weekly R1 at 1.0905.
However, if the given resistance levels hold, it is likely that the Euro could consolidate against the US Dollar within the following trading session.
Also, it is unlikely that bears could prevail in the market, and the pair could decline below the weekly PP at 1.0816.
