Looking at EUR/USD chart, we can see the short-term downward trend came to an end on Jan. 28, where it found support at the 1.112 level and consolidated near 1.114, enabling the rebound and surge upwards well into the 1.122, where is now attempting to form a base.
The closest overhead resistance is 1.126, and the temporary support is 1.122 and 1.118, respectively. It is currently trading near the 1.124 price range.
Today we could expect an extension of the short-term trend and move towards the 1.126 as the positive momentum may play. If, however, it does not manage to consolidate or hold above the 1.124 range, then a move towards the 1.122 resistance can be expected.
