EUR/USD analysis: Trades near 1.2020
YESTERDAY, THE EUR/USD CURRENCY PAIR DECLINED TO THE 1.2020 LEVEL.
IT IS UNLIKELY THAT SOME UPSIDE POTENTIAL COULD PREVAIL IN THE MARKET DUE TO THE RESISTANCE AREA FORMED BY THE 55– AND 100-HOUR MOVING AVERAGES, AS WELL THE WEEKLY S1 IN THE 1.2060/1.2090 RANGE. THUS, THE EXCHANGE RATE COULD TRADE DOWNWARDS.
IN THE MEANTIME, NOTE THAT THE RATE COULD GAIN SUPPORT FROM THE WEEKLY S2 AT 1.2002. THUS, THE RATE COULD CONSOLIDATE IN THE SHORT RUN. OTHERWISE, THE PAIR COULD TARGET THE WEEKLY S3 AT 1.1946.
IT IS UNLIKELY THAT SOME UPSIDE POTENTIAL COULD PREVAIL IN THE MARKET DUE TO THE RESISTANCE AREA FORMED BY THE 55– AND 100-HOUR MOVING AVERAGES, AS WELL THE WEEKLY S1 IN THE 1.2060/1.2090 RANGE. THUS, THE EXCHANGE RATE COULD TRADE DOWNWARDS.
IN THE MEANTIME, NOTE THAT THE RATE COULD GAIN SUPPORT FROM THE WEEKLY S2 AT 1.2002. THUS, THE RATE COULD CONSOLIDATE IN THE SHORT RUN. OTHERWISE, THE PAIR COULD TARGET THE WEEKLY S3 AT 1.1946.
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