On Monday, the EUR/USD currency pair tried to surpass the resistance level formed by the Fibo 38.20%. During today’s morning, the pair was trading near the given level.
Note that the exchange rate is supported by the 55-hour SMA and the weekly PP at 1.1176. Thus, it is likely that the rate could breach the given resistance at target the weekly R1 at 1.1226.
However, if the given resistance level holds, it is likely that the Euro could consolidate against the US Dollar in the short run. If the given support does not hold, the pair could go downwards. In this case the pair could gain support of the monthly PP at 1.1153.
