EUR/USD Analysis: Likely to trade down
|EUR/USD
During Monday's trading session, the EUR/USD currency pair tried to breach the short-term ascending channel south. During today's morning, the pair declined to the 1.1150 mark.
Given that the exchange rate is pressured by the 55-hour moving average, it is likely, that bears could continue to prevail in the short run. Note, that the nearest support level is located at the 1.1124 level.
It is unlikely, that some upside potential could prevail in the market in the nearest future due to the resistance cluster formed by the 100– and 200-hour SMAs, as well the weekly PP and the Fibo 38.20% in the 1.1180/1.1200 range.
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