On Tuesday morning, the EUR/USD, despite piercing the resistance of the 50-hour simple moving average, found resistance at the 1.1300 mark and declined. By the middle of the day's trading, the pair had reached the 1.1250 mark.
If the EUR/USD continues to decline, it would aim at the support of the weekly S1 simple pivot point at 1.1242 and the November 30 low level at 1.1235. In addition, note that the lower trend line of a channel down pattern passes the two mentioned levels.
On the other hand, a recovery of the currency exchange rate might find resistance in the combination of the 50 and 200-hour simple moving average at 1.1290. Above the SMAs, the 1.1300 mark, the 100-hour SMA and the upper trend line of the channel pattern might provide notable resistance.
This overview can be used only for informational purposes. Dukascopy SA is not responsible for any losses arising from any investment based on any recommendation, forecast or other information herein contained.