EURUSD Analysis: Trades in range

Dukascopy Bank Team Dukascopy Bank SA

EURUSD

EUR/USD was trading sideways on Wednesday, as any significant leaps were restricted by the 100– and 200-hour SMAs. The weekly PP and the monthly S1 are likewise reinforcing these support/resistance lines.

The lack of outside pressure stopped any attempt of bears and bulls to push the rate past any of these two barriers. As a result, the three-day ascending channel was not breached.

Technical indicators on the 4H time-frame are tended northwards. However, it is unlikely that large gains occur today, because resistance is strengthened by the 55-, 100– and 200-period SMAs at 1.1650.

Taking this factor into account, the bearish pressure should dominate the pair today and consequently send the Euro closer to its one-year low against the US Dollar at 1.1520.

Interested in EURUSD technicals? Check out the key levels

1. R3 1.1691
2. R2 1.166
3. R1 1.1635
PP 1.1604
1. S1 1.1579
2. S2 1.1548
3. S3 1.1523

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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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