On Tuesday, the EUR/USD currency pair tried to surpass the resistance formed by the Fibo 38.20% and the weekly R2 at 1.1200. During today’s morning, the pair was trading near the given resistance.
It is likely that the exchange rate could gain support from the 55-hour SMA near 1.1140 and trade upwards in the short term. A possible upside target is the monthly R2 located at 1.1285.
However, if the given resistance holds, it is likely that the Euro could consolidate against the US Dollar in the short run. Also, it is unlikely that bears could prevail, and the pair could decline below the 100-hour SMA at 1.1070.
