EUR/USD Analysis: trades near 2019 low

Dukascopy Bank Team Dukascopy Bank SA

EUR/USD

During Wednesday, the EUR/USD currency pair breached the medium-term ascending channel south. During today's morning, the pair was trading near the 2019 low at 1.0931.

Note that the exchange rate could gain support of the weekly S2 at the 1.0937 mark. If the given support holds, it is likely that the rate could reverse north in the nearest future. It is unlikely that the rate could exceed the weekly S1 at 1.0979.

However, note that the currency pair is pressured by the 55-, 100– and 200-hour SMAs, currently located in the 1.0983/1.1019 area. Thus, it is likely that some downside potential could prevail in the market, and the pair could reach the 1.0920 mark.

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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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