EUR/USD Could Consolidate

On Tuesday, the EUR/USD currency pair consolidated in the 1.0920 area. During today’s morning, the pair maintained its consolidation.

Note that the exchange rate is pressured by the 55-hour moving average, currently located near 1.0920. Thus, some downside potential could prevail in the market in the short term.

However, note that the currency pair could gain support from the weekly S1 at 1.0895. Thus, the Euro could continue to consolidate against the Greenback in the short run.