EUR/USD analysis: Remains above 1.2140

Dukascopy Bank Team Dukascopy Bank SA

EUR/USD

Since Wednesday afternoon, the EUR/USD currency pair has been testing the support level at 1.2140.

Given that the exchange rate is pressured by the 55– and 100-hour moving averages near 1.2180, it is likely that some downside potential could prevail in the market. In this case the rate could try to decline below the weekly S2 at 1.2099.

However, if the predetermined support level holds, a reversal north could occur, and the currency pair could raise to the resistance area formed by the 200-hour moving average and weekly PP in the 1.2230/1.2255 area.

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Dukascopy Bank Team

Dukascopy Bank SA

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