EUR/USD Analysis: Passes dominant to 1.1240

Dukascopy Bank Team Dukascopy Bank SA

EURUSD

The European Single Currency passed through the support level of the dominant pattern line at 1.3106. Moreover, the rate passed through the other two technical indicators to trade at the the1.2600 mark.

In regards to the near-term future, most likely, the European Single Currency will continue depreciating against the US Dollar to the weekly S2 at 1.1229.

Meanwhile, the 55-hour and the 100-hour simple moving averages will try to catch up the rate during the day.

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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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