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EUR/USD Pressured By Moving Averages

On Friday, the EUR/USD currency pair consolidated in the 1.0840 area. During today’s morning, the pair was trading at 1.0820.

Note that the exchange rate is pressured by the 55– and 100-hour SMAs near 1.0830. Thus, some downside potential could prevail in the market. In this case the rate could gain support from the weekly and monthly S1s in the 1.0747/1.0776 area.

If the given support levels hold, it is likely that a reversal north could occur in the short run. Meanwhile, it is unlikely that the currency pair could exceed the 1.0900 mark due to the resistance formed by the Fibo 23.60% and the monthly PP.

Dukascopy Swiss FX Group
Dukascopy Swiss FX Grouphttp://www.dukascopy.com/
This overview can be used only for informational purposes. Dukascopy SA is not responsible for any losses arising from any investment based on any recommendation, forecast or other information herein contained.

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