EUR/USD analysis: Tests support level

Dukascopy Bank Team Dukascopy Bank SA

EUR/USD

On Wednesday, the EUR/USD currency pair raised to the 1.1800 level. During today's morning, the pair was testing the support formed by the 55-hour SMAs and the weekly R1 at 1.1742.

If the given support holds, it is likely that some upside potential could prevail in the market. Note that the exchange rate could face the resistance formed by the weekly R2 and the 2019 high circa 1.1810.

If the predetermined resistance holds, it is likely that the Euro could trade sideways against the US Dollar within the following trading session.

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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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