EUR/USD Could Be Supported By 200-Hour SMA

Technical analysis of Forex market

During Tuesday’s trading session, the European Single Currency surged to the 1.1300 level by the help of the weekly PP support level at 1.1265. On Wednesday morning, the rate was trading above the 200-hour simple moving average at the 1.1291 mark.

In regards to the near-term future, it seems that the currency exchange rate might surge to the 1.3200 level. Besides, the 200-hour SMA should support the surge during the trading session.

On the other hand, today’s US Core Durable Goods Orders, Durable Goods Orders, US PPI data release at 12:30 GMT might depreciate European Single Currency against the US Dollar to push the rate towards the weekly PP at 1.1265 mark.

– advertisement –

Signal2forex reviews