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Technical Analysis: EUR/USD

The pair was well supported by 200-Day SMA and is consolidating in a tight range near the 1.3100 level. Should it close below the 200-Day SMA...

The pair was well supported by 200-Day SMA and is consolidating in a tight range near the 1.3100 level. Should it close below the 200-Day SMA, the downtrend will likely continue to the 1.2970 minimum, with a break below to expose additional declines towards the 1.2600 support. Any intraday rallies are expected to be well capped ahead of 1.3200. However, breaking above this level would aim the pair to retest the 1.3360 resistance and the strong resistance by 1.3500.

Edward Smith, technical analyst of company Admiral Markets.

At any use of the analytical material taken from a site of company Admiral Markets, and the secondary publication on any other resources, the rights to intellectual property for a dealing centre «Admiral Markets», the reference to a company site is obligatory.

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