On Tuesday, the EUR/USD currency pair re-tested the support level—the monthly R2 at 1.1285. During today’s morning, the pair was trading near the given level.
Note that the exchange rate could be pushed down by the 55-hour SMA to the support area formed by the 200-hour SMA, the weekly PP, the monthly R1 and the Fibo 23.60% in the 1.1157/1.1226 area.
However, if the monthly R2 holds, it is likely that the Euro could consolidate against the US Dollar in the short run. Also, it is unlikely that bulls could prevail in the market, and the pair could exceed the Fibo 38.20% at 1.1459.
