EUR/USD analysis: Remains below 1.2310
EUR/USD
During Monday morning hours, the EUR/USD currency pair pierced the weekly R1 at 1.2291.
It is likely that the exchange rate could face the resistance level at 1.2310 and reverse south in the short term. In this case the rate could decline to the support formed by the weekly PP and the 200-hour SMA in the 1.2230 area.
In the meantime, note that the currency pair could gain support from the 55– and 100-hour SMA in the 1.2260/1.2270 range. The pair could target the weekly R2 located at 1.2365.
Reprinted from FXStreet,the copyright all reserved by the original author.
Disclaimer: The content above represents only the views of the author or guest. It does not represent any views or positions of FOLLOWME and does not mean that FOLLOWME agrees with its statement or description, nor does it constitute any investment advice. For all actions taken by visitors based on information provided by the FOLLOWME community, the community does not assume any form of liability unless otherwise expressly promised in writing.
FOLLOWME Trading Community Website: https://www.followme.com
Hot
No comment on record. Start new comment.