Resistance on the EUR/USD

On the daily chart of the EUR/USD we can see that the pair has found a good resistance zone at the 55 day exponential moving average (purple line), around the 1.1763 level. The price of the EUR/USD drops again below the 1.1700 level, but the pair is actually consolidating around that zone and it has shrink its range. If the pair continues dropping, the 1.1600 level may act as support followed by the 1.1500 zone. Regardless of the current consolidation, the bearish trend is still in place on the EUR/USD and we may see a continuation lower. On the other hand, if the prices manages to break above the 55 day EMA, then the 200 day exponential moving average (blue line) at the 1.1900 zone may also act as resistance. Above the 200 day EMA, any of the round number levels may act as resistance all the way to the 1.2400 level.