Tue, Sep 27, 2022 @ 05:59 GMT
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EUR/USD Analysis: Remains Above 1.14 Mark

As the 1.1450 mark held its ground against the surge of the Euro against the US Dollar on Friday, the pair traded lower on Monday morning. The currency pair had declined and even passed the support of the 55-hour SMA, which held up the EUR/USD pair throughout Friday’s trading, As a result of the mentioned move, the closest support to the currency exchange rate on Monday morning was the 23.60% Fibonacci retracement level at the 1.1388 mark. Meanwhile, the 100-hour SMA was approaching from the downside, as it was located near the 1.1375 level during the morning hours of today’s trading. It is most likely that the simple moving average will force the pair into a surge, as the combined support of the retracement level and SMA should provide a strong enough support for a rebound to occur.

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