The common European currency has consolidated its gains against the US Dollar, as the currency exchange rate had retreated down to the 1.1510 mark on Thursday morning. During the decline the pair had begun to trade in limbo around the weekly R1, which is located at the 1.1516 level. The pair was not continuing the retreat due to the fact that additional support was approaching. The 100-hour SMA was located at the 1.1499 level, and it was approaching the pair from the downside. There are two possible outcomes to the situation. However, one of them is more likely. As the pair has bounced off the resistance of a massive scale pattern, it is likely going to decline. In addition to that, below the 100-hour SMA there is an almost 50 base points large range free from any type of notable support levels.
