Looking at the EUR/USD chart, we can see the quick climb from 1.126 to 1.138 on Nov. 30, followed by a correction back to 1.126. It bounced from 1.126 support to the 1.134 range, where it traded for a few days, holding above the 1.13 zone.
However, it didn’t consolidate successfully above the 1.13, falling below the 1.128 as it struggled to move above the 1.132 resistance level. It is currently trading at the 1.128 range, having its closest support level at 1.126.
Today, we could expect an attempt to move closer to the 1.126 support level due to the correction on Dec. 1, which may have spiked negative short-term momentum.
However, if it manages to hold on to the current level, a move towards the 1.132 resistance level can be expected.
