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EUR/USD Trades Within Descending Trend

On Tuesday, the EUR/USD currency pair dropped to the support level formed by the 200-hour SMA and the weekly PP circa 1.0950. During today’s morning, the pair raised to the 1.0980 mark.

Note that the exchange rate was trading near the upper boundary of the short-term descending channel at 1.0990. Thus, it is likely that a reversal south could occur in the nearest future, and the rate could target the lower channel line located circa 1.0940.

Otherwise, the pair could gain support of the 55– and 100-hour SMAs, currently located circa 1.0970. In this case the Euro could continue to extend gains against the Greenback. Important level to look out for is the psychological level at 1.1000.

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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