EUR/USD Analysis: Fails to break through 200-hour SMA

Dukascopy Bank Team Dukascopy Bank SA

As it was projected yesterday, bulls did not succeed to push the Euro through second combined resistance barrier formed by the weekly S1 together with the 100- and 200-hour SMAs. Accordingly, the pair made a rebound and started moving back to the monthly PP. From daily perspective bears are still expected to keep their dominance. However, on hourly chart it seems that without an additional impulse the currency rate might fail to slip below the 1.1917 mark, thus extending horizontal movement for another day. As regards an allocation of pending orders in 50-pip range, then more than 60% of them are set to sell. In the meantime, an aggregate of various technical indicators supports possibility of another rebound, suggesting that tomorrow the pair should resume an upwards movement.

Interested in EURUSD technicals? Check out the key levels

1. R3 1.2104
2. R2 1.2061
3. R1 1.2009
PP 1.1966
1. S1 1.1914
2. S2 1.1871
3. S3 1.1819

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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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