EUR/USD Analysis: Tests support cluster
|EURUSD
Yesterday, the EUR/USD currency pair skyrocketed to the 1.1280 level and reversed south. During Friday's morning, the pair was testing the support cluster formed by the 55-, 100– and 200-hour SMAs, as well the weekly PP in the 1.1236/1.1250 range.
If the given support holds, it is expected, that the exchange rate could reverse north in the nearest future. In this case, the rate could re-test the upper boundary of the short-term ascending channel located circa 1.12850
Otherwise, it is likely, that the pair could continue to decline. Note, that the rate could reach the lower channel line, as well the Fibonacci 38.20% retracement at the 1.1200 mark.
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.