EUR/USD has been ranging for the third consecutive session with a slight tendency southwards. Despite moving above the 55-hour SMA early on Tuesday, the Euro failed to accelerate and thus back south at 1.1650.
By this morning, the rate was trading near its one-year low of 1.15. Even tough technical indicators are steadily recovering, the price has failed to pick up this bullish momentum.
It is likely that the first part of the day is spent calmly due to 55– and 100-hour SMAs pressuring the rate from above at 1.16. This resistance should eventually be breached to allow for a test of the 1.17 mark which should mark today’s highest price, as it is strengthened by the 200-hour and 55– and 100-period (4H) SMAs.
