As apparent on the chart, the EUR/USD currency pair has been trading sideways since Wednesday late evening.
It is unlikely that some upside potential could prevail in the market due to the resistance area formed by the 55-, 100– and 200-hour SMAs, as well the weekly PP in the 1.2115/1.2139 range. Thus, the pair could decline in the short run.
In the meantime, note that the exchange rate could gain support from the weekly S1 located at 1.2089. If the given support holds, the rate could continue to consolidate. Otherwise, the pair could decline to 1.2060.
