EUR/USD Analysis: trades at 1.1108

Dukascopy Bank Team Dukascopy Bank SA

EUR/USD

On Thursday, the EUR/USD currency pair increased to the 1.1108 level. During today's morning, the pair was testing the support level formed by the weekly R3 at 1.1093.

Note that the exchange rate is supported by the 55– and 100-hour moving averages, currently located circa 1.1090. Thus, it is likely that some upside potential could prevail in the market, and the rate could target the monthly R1 at 1.1138.

On the other hand, the Euro could consolidate against the US Dollar at the 1.1110 area within the following trading session. Also, it is unlikely that bears could prevail, and the pair could drop lower than the support level formed by the weekly R2 and the monthly PP.

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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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