EUR/USD Analysis: could go downwards

Dukascopy Bank Team Dukascopy Bank SA

EUR/USD

On Thursday, the EUR/USD currency pair declined to the 1.1130 level. During today's morning, the pair surpassed the given level.

Note that the exchange rate is pressured by the 55-, 100– and 200-hour SMAs, currently located circa 1.1140. Thus, it is likely that some downside potential could prevail in the market.

Note that the currency pair could gain support of the lower boundary of the medium-term ascending channel at 1.1110. However, if the given trend does not hold, it is likely that the pair could go below 1.1100.

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Dukascopy Bank Team

Dukascopy Bank SA

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