EUR/USD Analysis: Might reverse north

Dukascopy Bank Team Dukascopy Bank SA

EUR/USD

Yesterday, the EUR/USD currency pair declined to the lower boundary of the short-term ascending channel at 1.1355. During Wednesday's morning, the pair was testing the given line.

Note, that the exchange rate is supported by the 100-hour moving average, currently located at 1.1352. Thus, it is unlikely, that a breakout south from the channel could occur.

It is expected, that a reversal north should occur within the following trading sessions. In this case, the rate has to surpass the 55-hour SMA at the 1.1383 mark. A possible upside target is the resistance level—the monthly R3 at 1.1412.

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Dukascopy Bank Team

Dukascopy Bank SA

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