EUR/USD analysis: To re-test weekly R1
|EUR/USD
On Monday, the EUR/USD currency pair tested the resistance level formed by the weekly R1 at 1.1366. During today's morning, the pair touched 1.1330.
It is likely that the exchange rate could gain support from the 55– and 100-hour SMAs near 1.1320. Thus, some upside potential could prevail in the market. In this case the rate could target the monthly R1 at 1.1404.
However, if the given resistance level holds, it is likely that the Euro could trade sideways against the US Dollar within the following trading session.
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.