EUR/USD Analysis: encounters resistance
|The decline of the common European currency against the US Dollar continued on Monday. Although the currency exchange rate had regained some of its losses in the second half of Friday’s trading session, that surge was short lived, as the currency exchange rate encountered the resistance of the 200-hour SMA, which on Monday morning had forced the Euro below the strong support cluster near the 1.1190 mark. Meanwhile, the rate still had the support of the 55-hour SMA at 1.1177. If that support level gets passed, the currency pair will be set to fall down to the 1.1110 level, where the next notable support cluster begins. However, it is quite possible that the decline will be hindered during today’s trading session.
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