Tue, Dec 06, 2022 @ 23:23 GMT
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EUR/USD Trades In Range

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.

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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