EUR/USD Analysis: Could reach 1.1330

Dukascopy Bank Team Dukascopy Bank SA

EUR/USD

Yesterday, the EUR/USD currency pair traded sideways between the psychological levels at 1.1300 and 1.1320 respectively.

Given that the pair is supported by the 55-hour SMA, currently located at 1.1305, it is likely, that some upside potential prevails in the market. A possible upside target is the 1.1330 level.

Otherwise, it is expected, that the exchange rate continues to trade sideways between the given psychological levels.

It is unlikely, that the rate could decline lower than 1.1280 due to the support level formed by the weekly and monthly PPs.

Author

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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