On Thursday, the EUR/USD currency pair consolidated in the 1.1220 area. During today’s morning, the pair maintained its consolidation.
It is likely that the exchange rate could be pressured by the 55– and 200-hour moving averages near 1.1250. Thus, some downside potential could prevail in the market. In this case the rate could target the 1.1160/1.1180 range.
Meanwhile, note that the currency pair could gain support from the Fibo 38.20% at 1.1200. If the given level holds, it is likely that the Euro could continue to consolidate against the US Dollar in the short run.
