EUR/USD Analysis: pressured by 100-hour SMA

Dukascopy Bank Team Dukascopy Bank SA

EUR/USD

During Tuesday, the EUR/USD currency pair tried to surpass the resistance formed by the 100-hour SMA at 1.1098. During today's morning, the pair was testing the given support.

If the given moving average holds, it is likely, that a reversal south could occur in the nearest future. A possible downside target is the psychological level at the 1.1060 mark.

However, note, that the exchange rate is supported y the 55-hour SMA at 1.1092, thus, the rate could breach the given resistance and reach the weekly PP at 1.1130. Also, note, that the rate could be affected by the FOMC Meeting Minutes release as 18:00 GMT.

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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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