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EUR/USD Consolidates Near 1.1620

On Thursday, the EUR/USD currency pair tested the 1.1620 level. During today’s morning, the pair consolidated near the given level.

It is likely that exchange rate could gain support from the 55-hour SMA near 1.1580, and some upside potential could prevail in the market. In this case the rate could target the 1.1700 level.

Meanwhile, note that the currency pair could face the resistance formed by the weekly R3 at 1.1638. If the given level holds, it is likely that the pair could consolidate in the short run.

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