EUR/USD was driven by slight upside risks on Wednesday. This movement was guided by the 55-hour SMA and a channel line. From the upside, the pair was restricted by the psychological 1.24 mark which has provided strong resistance during the past two weeks. Lack of fundamentals in the given session resulted in the pair returning to its Wednesday morning level of 1.2380.
It seems that the Euro is trying to edge lower, so a decline should occur if the 55– and 100-hour SMAs are breached. The nearest downside target in this case is the 200-hour SMA or the weekly PP at 1.2345 and 1.2330, respectively.
On the other hand, the same lack of fundamental releases may maintain the rate stable, thus allowing for a move along the 55-hour SMA and towards the senior channel near 1.24.
