On Wednesday, the EUR/USD currency pair consolidated around the weekly S1 at 1.1748. During today’s morning, the pair dropped to the Fibo 61.80% at 1.1707.
If the given support holds, it is likely that the exchange rate could reverse north in the short run. In this case it is unlikely that the rate could exceed the weekly PP located at 1.1790.
Meanwhile, note that the currency pair is pressured by the 55-hour moving average near 1.1755. Thus, some downside potential could continue to prevail in the market.
