EUR/USD Analysis: Might go downwards

Dukascopy Bank Team Dukascopy Bank SA

EUR/USD

During Tuesday, the EUR/USD currency pair tumbled to the support level formed by the monthly PP at 1.1169.

During today's morning, the exchange rate was trading sideways between the given support and the resistance level—the weekly PP at 1.1186. If the given levels hold, it is likely, that the rate could maintain its consolidation.

It is unlikely, that some upside potential could occur in the nearest future, as the pair is pressured by the 55– and 100-hour SMAs, currently located circa 1.1195. If the given support does not hold, the pair could go downwards. Note, that the rate could be supported by the lower line of the short-term descending channel circa 1.1160.

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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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