EUR/USD Analysis: Remains near 1.0550

Dukascopy Bank Team Dukascopy Bank SA

"Our single currency has proven to be stable and resilient against external shocks, but it has fallen short in strengthening our economy and achieving convergence between the national economies."

– Five Star Movement (based on Bloomberg)

Pair's Outlook
On Wednesday morning the common European currency remained almost flat against the US Dollar near the 1.0550 mark. During Tuesday's trading session the rate once more tried to move higher and failed after encountering the resistance line of a medium term ascending channel. Due to that the outlook for the currency exchange pair still remains bearish. The pair is most likely to move lower and once more approach the support cluster near the 1.0520 mark, which is made up of 2015 December and April low levels together with the 20- day SMA.
Traders' sentiment
SWFX traders have become neutral, regarding the pair. Meanwhile, 59% of trader set up orders were to sell the Euro.

Interested in EURUSD technicals? Check out the key levels

1. R3 1.0687
2. R2 1.0657
3. R1 1.0610
PP 1.0580
1. S1 1.0532
2. S2 1.0503
3. S3 1.0455

Author

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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