Sat, May 08, 2021 @ 23:13 GMT
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EUR/USD Pressured By Moving Averages

Yesterday, the EUR/USD currency pair stepped lower to the weekly PP at the 1.1175 mark. During today’s morning, the pair declined to the lower boundary of the short-term ascending channel at 1.1160.

From a theoretical point of view, it is likely, that a reversal north could occur in the nearest future. A possible upside target is the range between the Fibonacci 38.20% retracement and the monthly PP, located at 1.1200 and 1.1217 respectively.

However, given that the exchange rate is pressured by the 55-, 100– and 200-hour SMAs located circa 1.1195, it is expected, that bears could prevail in the market, and the rate target the 1.1140 level.

Dukascopy Swiss FX Group
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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