EUR/USD retreats to SMA

Source: Dukascopy Bank SA


During late Monday's trading hours, the EUR/USD currency exchange rate declined to the support of the 55-hour simple moving average below the 1.2150 mark. On Tuesday, the currency exchange rate had recovered, as it once again approached the resistance of the 1.2175/1.2180 zone.

In the case the rate passes the resistance of the 1.2175/1.2180 zone, the EUR/USD could reach the 1.2200 mark and afterwards the weekly R1 simple pivot point at 1.2232.

On the other hand, a potential decline would once again look for support in the 55-hour simple moving average near 1.2140. If the SMA fails to provide support, the rate could reach for the weekly simple pivot point at 1.2109.
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Tue, 11 May 2021 11:18:49 GMT

GBP/USD reaches new high

The surge of the GBP/USD paused at the 1.4150 level during the second part of Monday's trading hours. Since then, up to the middle of Tuesday's trading, the rate had been fluctuating sideways below the mentioned round exchange rate mark. In the near term future, the rate could resume its surge due to the approaching support of the 55-hour simple moving

Tue, 11 May 2021 08:17:29 GMT

USD/CAD bears likely to prevail

The US Dollar has continued to edge lower against the Canadian Dollar in a descending channel pattern. The USD/CAD currency pair fell by 48 pips or 0.48% during yesterday's trading session.

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