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EURUSD Analysis: Tests medium-term channel

Written Dukascopy Bank Team | 2018-02-14 05:06:40 GMT

On Wednesday morning, the pair was testing the upper boundary of a three-week channel down and the 1.24 mark which had provided an unbreakable resistance last week. 

Technical indicators point to a period of consolidation today, as their high positioning might start to weaken in the nearest time. Some minor upside potential, however, is still apparent. Thus, gains could be capped near the weekly R1 at 1.2417, while the pair is likely to be supported by the 200-hour SMA circa 1.2350. 

In the meantime, US CPI data is likely to introduce volatility in the market.

EURUSD

 

Interested in EURUSD technicals? Check out the key levels

    1. R3 1.2478
    2. R2 1.2425
    3. R1 1.2391
  1. PP 1.2338
    1. S1 1.2303
    2. S2 1.225
    3. S3 1.2216

 

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Dukascopy Bank Team
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