EUR/USD Analysis: Consolidates Near 1.1700

Since Thursday, the EUR/USD currency pair has been trying to decline below the 1.1700 level.

It is likely that the exchange rate could trade downwards in the short term, as it is pressured by the 55-hour moving average near 1.1730. In this case the pair could target the weekly S2 at 1.1664.

However, if the 1.1700 mark holds, the European Common Currency could continue to trade sideways against the US Dollar within the following trading session.