On Thursday, the EUR/USD currency pair failed to exceed the resistance level—the weekly R3 at 1.1008. During today’s morning, the pair declined below 1.0920.
Theoretically, it is likely that the exchange rate could gain support from the 200-hour SMA, the weekly R1 and the Fibo 23.60% in the 1.0880 area. If the given support holds, it is likely that a reversal north could occur in the short run.
Meanwhile, note that the pair would have to surpass the resistance cluster formed by the 55– and 100-hour SMAs, as well the weekly R2 in the 1.0935/1.0960 range. If the given resistance holds, it is likely that the Euro could consolidate against the US Dollar.
