On Friday, the EUR/USD currency pair raised to the 100-hour SMA near 1.0820. During today’s morning, the pair raised to the resistance formed by the 200-hour SMA near 1.0850.
It is likely that the exchange rate could gain support from the 100-hour SMA and the weekly PP at 1.0820 and trade upwards in the short term. In this case the rate could face the resistance formed by the Fibo 23.60% and the weekly R1 in the 1.0886/1.0905 range.
However, if the 200-hour SMA holds, it is likely that a reversal south could occur in the nearest future. Note that the pair could gain support from the 55-hour SMA near 1.0800. If the given support holds, it is likely that the Euro could consolidate against the US Dollar in the short run.
