The single European currency has finally stopped it bullish momentum against the US Dollar. By the end of trading session on Tuesday, the currency pair has declined by 70 base points.
During the first part of Wednesday’s trading session, the EUR/USD exchange rate was stranded between SMAs. The 55-hour simple moving average was providing resistance above while the 100-hour SMAs was providing support below.
verything being equal, a breakout to either direction is likely to occur within the following trading session.
Meanwhile, technical indicators flash bearish signals for the rest of the week.
