Technical Analysis

EUR/USD Analysis: Trades Near 1.1760

Typography

Due to anticipation of the ECB meeting as well as referendum on extension of autonomy in Lombardy and Veneto regions the common European currency slipped against the Dollar to the 1.7520 mark.

As the northern side is protected by a combination of the 100-hour SMA and the weekly PP plus the 55- and 200-hour SMAs, the pair is expected to continue to move to the bottom towards the bottom boundary of an alleged three-week long ascending channel that is located a little bit above the updated weekly PP at 1.1722.

The general strengthening of the Greenback is also supported by the average market sentiment, which is 59% bearish.

As there are no data releases planned for today, the pair should not make any unexpected and sharp moves.

Author: Dukascopy Swiss FX GroupWebsite: http://www.dukascopy.com/
Dukascopy Swiss FX Group
This overview can be used only for informational purposes. Dukascopy SA is not responsible for any losses arising from any investment based on any recommendation, forecast or other information herein contained.
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