EUR/USD analysis: To re-test weekly R1

Dukascopy Bank Team Dukascopy Bank SA

EUR/USD

On Monday, the EUR/USD currency pair tested the resistance level formed by the weekly R1 at 1.1366. During today's morning, the pair touched 1.1330.

It is likely that the exchange rate could gain support from the 55– and 100-hour SMAs near 1.1320. Thus, some upside potential could prevail in the market. In this case the rate could target the monthly R1 at 1.1404.

However, if the given resistance level 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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