EURUSD Analysis: Accelerates from 1.1740
|EURUSD
Wednesday's trading session was beneficial for bulls, as the Euro managed to gain 65 pips against its American counterpart during the second part of the day. This surge started when the pair failed to move below the 55-period (4H) and 200-hour SMAs at 1.1740. This level has likewise been a strong resistance/support level since May 21.
Along the way, the rate breached the upper boundary of a one-week descending triangle. This should result in further advance that is expected to occur if the 200-period (4H) SMA at 1.1813 is breached. The daily high in this scenario should be the weekly R1 at 1.1856.
In the meantime, the pair should be supported by the 55-, 100– and 200-hour SMAs and the monthly and weekly PPs in the 1.1755/1.1780 range.
Fundamentals are likely to introduce volatility today.
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.