On Monday, the EUR/USD currency pair consolidated in the 1.1300 area. During today’s morning, the pair was testing the support formed by the weekly PP and the monthly R1 at 1.1250.
It is likely that the exchange rate could be pushed down by the 55– and 100-hour SMA near 1.1300. In this case the rate could gain support from the Fibo 38.20% and the 200-hour SMA at 1.1200.
However, if the given support at 1.1250 holds, it is likely that a reversal north could occur and the pair could target the monthly R2 at 1.1385. If the 55-hour SMA holds, the rate could maintain its consolidation.
