EUR/USD Analysis: Most likely going down

Dukascopy Bank Team Dukascopy Bank SA

EUR/USD

The European Single Currency depreciated 0.16% since Tuesday's trading session. On Wednesday morning, the rate passed the support of the weekly PP at the 1.1581 mark.

In regards to the near future, most likely, the rate should go downwards due to the resistance of the simple moving averages, which are located above 1.1580 and will not allow the rate to move upwards during the day. The rate might decline down to the 1.1540 level near the monthly PP during Wednesday's session.

In another scenario, the EUR/USD could remain without momentum and remain near the weekly PP at the 1.1581 mark.

Interested in EURUSD technicals? Check out the key levels

1. R3 1.1724
2. R2 1.1684
3. R1 1.1645
PP 1.1605
1. S1 1.1566
2. S2 1.1526
3. S3 1.1487

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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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