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EUR/USD Analysis: Stopped By The 55-Hour SMA

The European Single Currency depreciated 0.26% since Tuesday’s trading session. The exchange currency rate was stopped by the 55-hour simple moving average, which took a role of a resistance for the currency during morning hours.

In regards to the near future, the European Single Currency will continue to move sideways until it meets the weekly PP at the 1.1546 mark and the weekly S1 at the 1.1549 mark. It is expected that the currency should be stopped by the strong support level of the weekly S1 and the weekly pivot point.

In another scenario, the rate might break the trend-line and push the rate to go upwards to the 100-hour simple moving average at the 1.1623 mark.

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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