EUR/USD analysis: Could trade downwards

Dukascopy Bank Team Dukascopy Bank SA

EUR/USD

On Wednesday, the EUR/USD currency pair reversed south from the psychological level at 1.1890.

It is likely that some downside potential could prevail in the market due to the resistance area formed by the 55-, 100– and 200-hour SMAs, as well the weekly PP in the 1.1830/1.1860 area. Note that the nearest support level—the weekly S1, is located at 1.1749.

However, if the predetermined resistance area does not hold, some upside potential could prevail in the market, and the currency pair could target the psychological level at 1.1900.

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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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