EUR/USD analysis: Trades at 1.1720

Dukascopy Bank Team Dukascopy Bank SA

EUR/USD

On Wednesday, the EUR/USD currency pair declined to the 1.1720 mark.

It is likely that some downside potential could prevail in the market, as the exchange rate is pressured by the weekly S1 at 1.1752. In this case the rate could target the psychological level at 1.1680.

Meanwhile, note that the currency pair could gain support from the Fibo 61.80% at 1.1707. Therefore, 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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