Mon, Mar 01, 2021 @ 06:31 GMT
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EUR/USD Could Trade Downwards

On Tuesday, the EUR/USD currency pair broke the falling wedge pattern. Also, the pair has revealed a medium-term descending channel.

From a theoretical point of view, it is likely that the exchange rate could trade downwards within the predetermined channel in the short term. A possible downside target is the 1.2060/1.2080 range.

Meanwhile, note that the currency pair could gain support from the 55– and 100-hour moving averages in the 1.2100 area. Thus, the pair could reverse north and re-test the upper channel line located in the 1.2160/1.2140 area.

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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