EUR/USD could continue to consolidate

Source: Dukascopy Bank SA
PositionsTodayYesterdayChange
Longs29%29%1.0%
Shorts71%71%-0.4%
Indicator4H1D1W
MACD(12;26;9)BuySellSell
RSI(14)NeutralNeutralNeutral
Stochastic(5;3;3)NeutralNeutralNeutral
Alligator(13;8;5)BuySellSell
SAR(0.02;0.2)BuyBuySell
Aggregate

During Wednesday, the EUR/USD currency pair traded within the cluster formed by the weekly R2 and the Fibonacci 38.20% retracement, located at 1.1234 and 1.1200 respectively.

During today's morning, the exchange rate tried to breach the given cluster south. It is unlikely, that some downside potential could prevail in the market due to the support cluster formed by the 100– and 200-hour SMAs, as well the weekly R1 and the monthly PP in the 1.1148/1.1182 range.

It is expected, that the rate could maintain its consolidation within the given cluster within the following trading session. However, if the given support does not hold, the pair could target the weekly PP at 1.1099.

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