Dukascopy Bank Team
Dukascopy Bank SA
On Monday morning the common European currency had lost ground against the US Dollar. The pair had retreated below the freshly calculated weekly PP, which is located at the 1.1443 mark. Due to that reason the weekly PP could be considered as a resistance level. However, the currency exchange rate was about to be approached from the downside by the 55 and 100-hour SMAs, which both fluctuated at the 1.1430 mark. It is most likely that the pair will get squeezed in between the mentioned level of significance and pressure will begin to build up. Although, it can be clearly observed that the pressure could cause only a break out to the upside. Meanwhile, it is also possible that the rate does not get squeezed in at all, and a surge would begin as soon as the rate is approached by the SMAs.
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