EUR/USD Analysis: squeezed by moving averages

Dukascopy Bank Team Dukascopy Bank SA

EUR/USD

On Tuesday, the EUR/USD currency pair re-tested the 1.1110 level. During today's morning, the pair was trading at the 1.1130 mark.

Note that the exchange rate is pressured by the 200-hour SMA and the weekly PP at 1.1139. Thus, it is likely that some downside potential could prevail in the market.

On the other hand, the currency pair could gain support of the 55– and 100-hour SMAs, located at 1.1131 and 1.1121 respectively, and go upwards. In this case the pair could face the resistance level—the monthly PP at 1.1153.

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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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