Mon, Dec 05, 2022 @ 02:23 GMT
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EUR/USD Recovers On Wednesday

During the early hours of Wednesday’s trading hours, the EUR/USD found support in the 61.80% Fibonacci retracement level at the 1.1705 level. It resulted in a surge, which was heading to the resistance of the 55-hour simple moving average.

In the case of the 55-hour simple moving average providing resistance, the currency exchange rate could decline and once again test the support of the 61.80% Fibonacci retracement level at 1.1705. If the Fibo does not hold, the 1.1700 could immediately provide additional support.

On the other hand, a failure of the 55-hour SMA could result in the pair testing the combined resistance of the 100-hour simple moving average near the 1.1765 level and the 1.1763 level, which provided support since March 25.

Dukascopy Swiss FX Group
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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