EURUSD Analysis: Prepares to test combined resistance
|The common European currency continued to lose value against the Dollar in a junior descending channel, as expected. In first hours of this trading session it made a rebound from the bottom trend-line of a dominant ascending channel, which was additionally supported by the rising 200-hour SMA. From larger pattern’s perspective the currency pair should succeed to break through combined resistance area formed by the 55- and 100-hour SMAs, the weekly PP, the 38.2 Fibonacci retracement level around the 1.1765 mark. However, the rate might actually end the day outside the senior channel due to additional pressure exercised by the 100-day SMA. In addition to that, the aggregate market sentiment remains 62% bearish and majority of traders continue keeping negative outlook on the Euro.
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