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EURUSD Analysis: Reveals Descending Pattern

The European Single Currency appreciated 0.25% against the US Dollar during morning hours. The currency pair bounced off the bottom of a new trend line and retraced back to the monthly pivot point near the 1.1690 level to remain relatively unchanged from the previous trading session. The rate was at the 1.1680 level.

The 55-hour and the 100-hour SMA’s passed through the rate during Thursday’s session. The 55-hour SMA played a role of resistance for the currency pair on Friday. Moreover, it seems that the rate might move upwards breaking the 55-hour SMA’s resistance level and pass through the monthly pivot point to continue trading near the 1.1400 mark.

The rate is still waiting for the squeeze of the 55– hour and the 100-hour SMA’s which might force the rate to breakout.

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