On Monday, the EUR/USD currency pair raised to the resistance formed by the monthly S1 and the weekly PP near 1.0850. During today’s morning, the pair was testing the given resistance.
If the given resistance level holds, it is likely that some downside potential could prevail in the market. In this case the exchange rate would have to surpass the 55-hour SMA near 1.07500.
If the given moving average holds, it is likely that the Euro could consolidate against the US Dollar in the short run. However, if bulls prevail in the market, and the pair could target the monthly PP at 1.0968.
