The Euro failed to move above its weekly high of 1.24 on Wednesday, as it reversed from the bottom boundary of the three-week channel down.
Later on, better-than-expected US inflation data strenghened the Dollar, thus allowing for a breakout of the 55– and 200-hour SMAs. This hourly plunge was stopped by the weekly PP and the 100-hour SMA near 1.23. The subsequent surge of the pair was caused risk-averse investors who re-took their positions on Wall Street. The rate advanced even further up to the 1.2450 mark.
Meanwhile, the Asian session was spent calmly due to a Chinese bank holiday. The rate might edge slightly higher today, as no immediate resistance is apparent. However, the general movement should be south, as bears might want to re-gain some lost positions after the strong surge.
Interested in EURUSD technicals? Check out the key levels
- R3 1.2717
- R2 1.2591
- R1 1.2528
- PP 1.2402
- S1 1.2338
- S2 1.2213
- S3 1.2149
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