On Monday, the EUR/USD currency pair raised to the 1.1320 level. During today’s morning, the pair consolidated at 1.1340.
It is likely that the exchange rate could gain support from the 55-, 100– and 200-hour SMAs in the 1.1300 area and trade upwards in the short term. In this case the rate could target the 1.1420 level.
Meanwhile, note that the currency pair could face the resistance level formed by the weekly R1 and the monthly R2 at 1.1385. If the given level holds, it is likely that the pair could consolidate
