EUR/USD
On Wednesday, the EUR/USD currency pair tested the upper boundary of the medium-term descending channel. During today's morning, the pair broke the given level.
Note that the exchange rate is supported by the 55-hour SMA near 1.0870. Thus, some upside potential could prevail in the market. However, note that the rate would have to surpass the resistance cluster formed by the Fibo 23.60%, the weekly PP and the 200-hour SMAs in the 1.0886/1.0910.
If the given resistance holds, it is likely that a reversal south could occur in the nearest future. Note that the pair could gain support from the 100-hour SMA near 1.10840. If the given support holds, the rate could consolidate in the short term.
This overview can be used only for informational purposes. Dukascopy SA is not responsible for any losses arising from any investment based on any recommendation, forecast or other information herein contained.
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