Resistance on the EUR/USD

The EUR/USD has found a good resistance on its 55 day EMA as shown on the daily chart, but the more frequent the price visits that moving average, the higher the probabilities of seeing a bullish breakout. In case of a breakout, the EUR/USD may continue rising towards the 200 day EMA (blue line), around the 1.1900 level. Above the 1.1900 level, its next resistance could be the 1.2000 level. To the downside, in case of a bearish bounce, the 1.1600 level may act as support followed by the 1.1500 zone which could also act as support. Another possible scenario is that the price of the EUR/USD may consolidate between the 1.1700 level and the 1.1600 level without taking a clear direction.