EUR/USD Analysis: Could reverse north

Dukascopy Bank Team Dukascopy Bank SA

EUR/USD

During Friday, the EUR/USD currency pair dropped to the support level—the Fibonacci 38.20% retracement at 1.1200. During today's morning, the pair was testing the support level.

If the given support holds, it is expected, that a reversal north could occur in the nearest future. It is unlikely, that the Euro could exceed the 1.1255 mark due to the resistance level formed by the weekly PP, the monthly R1 and the 55-hour SMA.

On the other hand, the exchange rate could continue to trade sideways, trying to breach the given support. If the support level does not hold, it is unlikely, that the rate could drop lower than 1.1181 due to the support of the monthly PP.

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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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