On Monday, the EUR/USD currency pair consolidated near the 2020 low at 1.0830. During today’s morning, the pair continued to trade near the given level.
Note that the exchange rate is still pressured by the 55-hour SMA neat 1.0840. Thus, some downside potential could prevail in the market. In this case the nearest support level—the weekly S1, is located at 1.0788.
However, if the given minimum holds, it is likely that the currency pair could reverse north in the nearest future. It is unlikely that the pair could exceed the resistance level formed by the weekly PP and the monthly S2 at 1.0873.
