On Tuesday, the EUR/USD currency pair declined to the 1.1140 level. During today’s morning, the pair tried to surpass the monthly PP at 1.1153.
Note that the exchange rate is pressured by the 55-, 100– and 200-hour SMAs, currently located circa 1.1170. Thus, it is likely that some downside potential could prevail. In this case the rate could reach the lower boundary of the medium-term ascending channel circa 1.1110.
On the other hand, a reversal north could occur in the nearest future. In this case the currency pair would have to surpass the given moving averages, as well the weekly PP at 1.1176. Also, it is unlikely that the pair could exceed the Fibo 38.20% at 1.1200.
Wed, 08 Jan 2020 08:58:21 GMT Source: Dukascopy Bank SA