EUR/USD analysis: Retreats to SMA
|EUR/USD
During late Monday's trading hours, the EUR/USD currency exchange rate declined to the support of the 55-hour simple moving average below the 1.2150 mark. On Tuesday, the currency exchange rate had recovered, as it once again approached the resistance of the 1.2175/1.2180 zone.
In the case the rate passes the resistance of the 1.2175/1.2180 zone, the EUR/USD could reach the 1.2200 mark and afterwards the weekly R1 simple pivot point at 1.2232.
On the other hand, a potential decline would once again look for support in the 55-hour simple moving average near 1.2140. If the SMA fails to provide support, the rate could reach for the weekly simple pivot point at 1.2109.
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