EURUSD Analysis: Bounces off previous support

Dukascopy Bank Team Dukascopy Bank SA

The Euro traded near the previously active long term ascending channel pattern's lower trend line on Wednesday against the US Dollar. However, that ended, as soon as the 55-hour simple moving average moved in from the upside to provide resistance. On Thursday morning it could be observed that every candle since then has been red. The Euro is continuing its decline against the Greenback.

In addition, it can be seen that the currency exchange rate made another confirmation of the lower trend line of the descending channel pattern. The pattern was discovered only yesterday. It can be assumed that it will guide the rate lower until a new long term pattern reveals itself.

Interested in EUR/USD technicals? Check out the key levels

1. R3 1.1863
2. R2 1.1814
3. R1 1.1787
PP 1.1738
1. S1 1.1710
2. S2 1.1662
3. S3 1.1634

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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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