Sun, Dec 04, 2022 @ 09:20 GMT
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EUR/USD Analysis: Retreats On Wednesday

On Wednesday morning it could be observed that the speculated reaching of the 2015 high level had became reality for the EUR/USD currency pair. However, after reaching the mentioned high level at the 1.1713 mark, the currency exchange rate began a decline. The depreciation of the common European currency against the US Dollar has driven the pair to trade below the support of the monthly R2 at 1.1657 and the moving supports of the 55 and 100-hour SMAs, which are located, respectively, at 1.1652 and 1.1634. Due to the reason that these level of significance have been passed the rate has no notable support until the 1.1594 mark, where the weekly pivot point is located at, and a decline to this level is highly possible during Wednesday’s trading session.

Dukascopy Swiss FX Group
Dukascopy Swiss FX Grouphttp://www.dukascopy.com/
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