On Monday, the EUR/USD currency pair was consolidating in the 1.0800 area. During today’s morning, the pair raised to the resistance formed by the Fibo 23.60% and the weekly PP in the 1.0900 area.
If the given resistance holds, it is likely that a reversal south could occur in the short run. In this case the exchange rate could gain support from the 55-hour SMA near 1.0810.
Otherwise, the currency pair could breach the given resistance in the nearest future. However, note that the pair would have to surpass the 200-hour SMA near 1.0940. If the given SMA does not hold, the pair could reach 1.1000.
