HomeContributorsTechnical AnalysisEUR/USD Broke Upper Channel Line

EUR/USD Broke Upper Channel Line

During Thursday morning hours, the EUR/USD currency pair broke the upper line of the medium-term descending channel.

It is likely that the exchange rate could gain support from the 55-, 100– and 200-hour moving averages in the 1.2110/1.2135 area and trade upwards in the short term. The rate could target the weekly R1 at 1.2185.

However, if the given support does not hold, a reversal south could occur in the nearest future. In this case the currency pair could re-test the psychological level at 1.2080.

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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