EUR/USD analysis: Declines to 1.1250

Dukascopy Bank Team Dukascopy Bank SA

EUR/USD

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.

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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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