EUR/USD analysis: Touched 1.2080

Dukascopy Bank Team Dukascopy Bank SA

EUR/USD

On Tuesday, the EUR/USD currency pair skyrocketed to the weekly R2 at 1.2075.

If the predetermined resistance level holds, it is likely that a reversal south could occur in the nearest future. Note that the exchange rate could gain support from the 55-hour SMA and the weekly R1 in the 1.2000/1.2020 area.

If the given support holds, a reversal north could follow. Otherwise, the currency pair could target the support formed by the weekly PP and the 200-hour moving average circa 1.1920.

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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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