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.
