EUR/USD Analysis: Most likely going down
|EUR/USD
The European Single Currency depreciated 0.16% since Tuesday's trading session. On Wednesday morning, the rate passed the support of the weekly PP at the 1.1581 mark.
In regards to the near future, most likely, the rate should go downwards due to the resistance of the simple moving averages, which are located above 1.1580 and will not allow the rate to move upwards during the day. The rate might decline down to the 1.1540 level near the monthly PP during Wednesday's session.
In another scenario, the EUR/USD could remain without momentum and remain near the weekly PP at the 1.1581 mark.
Interested in EURUSD technicals? Check out the key levels
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.