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EUR/USD Squeezed By Moving Averages

On Friday, the EUR/USD currency pair skyrocketed to the 1.0860 level. During today’s morning, the pair dropped to the support provided by the 55– and 100-hour SMAs near 1.0810.

If the given support holds, it is likely that a reversal north could occur in the nearest future. In this case the exchange rate could target the 1.0860 level.

However, note that the rate would have to surpass the 200-hour SMA and the weekly PP at 1.0830. If the given resistance holds, the pair could consolidate in the short term.

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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