VOT Research Desk
Early on Wednesday morning in Europe, bids for EUR/USD began to pick up near 1.0350, bringing it back onto the buyers’ radar.
Nevertheless, the major currency pair fell for the previous three days in a row before rebounding off 1.0319 late on Tuesday.
Despite the pair’s most recent recovery, it is still trading inside a three-week-old range between 1.0225 and 1.0480. However, the round number of 1.0400 seems to be luring intraday purchasers lately.
As an alternative, the pair’s immediate downside is constrained by the 100-SMA level of 1.0300 before hitting the 1.0225 range support.
After that, the EUR/USD bears may be probed before being led to the monthly low of 0.9730 by the 200-SMA and the mid-November swing low, which are located respectively near 1.0090 and 0.9935.
|
Daily SMA20 |
1.0219 |
|
Daily SMA50 |
0.9977 |
|
Daily SMA100 |
1.0037 |
|
Daily SMA200 |
1.0379 |
