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EUR/USD Analysis: Bounces Off 1.1850

The recovery of the EUR/USD failed to pass the resistance of the 1.1850 mark. It resulted in a decline, which eventually found support in the 1.1800 level. On Friday morning, the rate was trading sideways above the 1.1800 level.

In the case that the rate recovers it would face the resistance of the 55-hour simple moving average at 1.1815 first. Afterwards, the 100 and 200-hour SMAs near 1.1830 could provide resistance. Above the SMAs, the 1.1850 level could provide resistance.

On the other hand, a potential decline below the 1.1800 mark would look for support in the July low zone from 1.1773 to 1.1785.

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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