EUR/USD analysis: Bears could prevail

Dukascopy Bank Team Dukascopy Bank SA

EUR/USD

On Wednesday, the common European currency declined by 44 pips or 0.36% against the US Dollar. The currency pair fell below the 55-, 100 and 200– hour SMAs during Wednesday's trading session.

The exchange rate is likely to continue to edge lower during the following trading session. The potential target for the EUR/USD pair will be near the weekly support level at 1.2097.

However, bearish traders could encounter support at 1.2145 during Thursday's trading session.

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Dukascopy Bank Team

Dukascopy Bank SA

Dukascopy Bank stands as an innovative Swiss online banking institution, with its headquarters situated in Geneva, Switzerland.

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