EUR/USD analysis: Could go upwards

Dukascopy Bank Team Dukascopy Bank SA

EUR/USD

On Monday, the EUR/USD currency pair re-tested the support level formed by the Fibo 61.80% at 1.1707. During today's morning, the pair was trading near 1.1800.

It is likely that the exchange rate could gain support from the 55– and 100-hour SMAs, as well the weekly PP near 1.1780. Thus, it is likely that some upside potential could prevail in the market.

Meanwhile, it is unlikely that bears could prevail in the market, and the currency pair could decline below the Fibo 61.80% in the nearest future.

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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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