EUR/USD Analysis: Fails to overcome 55-hour SMA
|The common European currency failed to move below the 1.22 mark due to the strong support of the 100-day SMA. This was followed by a slight move upwards, but a steep advance was restricted by the 55-hour moving average, a breached trend-line and the 38.20% Fibonacci retracement. This cluster remained an unbreakable barrier during the Asian session, as well.
The general tendency of the pair is likely to remain northwards this week, as it should target the 200-hour SMA and the 23.60% Fibo retracement circa 1.2350.
Meanwhile, this session might mark a brief period of consolidation in the 1.2200/60 during the first part of the day in response to pressures from the aforementioned barriers. The latter, however, should be surpassed, and a test of the 100-hour SMA should follow near 1.23.
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