The common European currency failed to accelerate against the US Dollar on Wednesday, being restricted by the 55– and 100-hour SMAs from above. In addition, the pair likewise failed to breach the 1.1550 mark, which shows that neither bears nor bulls were able to gather the necessary strength to take the dominant hand in the market.
Technical signals are bearish today. This means that the Euro could re-test its one-year low of 1.15. The weekly S1 is likewise situated nearby. This scenario is likely if the aforementioned moving averages are not breached.
In case this move does occur, the daily high should be the 1.1670 area where the weekly PP, the 55– and 100-period (4H) and 200-hour SMAs are located.
