EUR/USD Analysis: Supported by 55– and 200-hour SMAs

Dukascopy Bank Team Dukascopy Bank SA

EURUSD

Yesterday, the EUR/USD currency pair tested the support level formed by the weekly S1 at 1.1184.

During today's morning, the pair raised to the resistance level formed by a combination of the 100-hour SMA, the weekly and monthly PPs at 1.1220. If the given resistance holds, it is expected, that a reversal south could occur, and the exchange rate could re-test the given support.

However, note, that the rate is supported by the 55– and 200-hour moving averages at 1.1212. Thus, the rate could breach the given resistance and reach the psychological level at the 1.1240 mark.

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Dukascopy Bank Team

Dukascopy Bank SA

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