EUR/USD pressured by moving averages - Technical Analysis - Dukascopy Bank
Mon, 28 Oct 2019 10:00:55 GMT
Source: Dukascopy Bank SA
On Friday, the EUR/USD currency pair declined to the psychological level at 1.1080. During today's morning, the pair was trading at the 1.1090 mark.
Note that the exchange rate is pressured by the 55-, 100– and 200-hour moving averages, currently located circa 1.1100. Thus, some downside potential could prevail in the market. A possible downside target is the psychological level at 1.1060.
On the other hand, the currency pair could re-test the given resistance in the nearest future. However, it is unlikely that bulls could prevail in the market, and the pair could exceed the weekly R1 at 1.1150.