- December 11, 2017
- Posted by: range
- Category: FOREX, Technical Analysis
New trading week the currency exchange rate started in a movement towards combined resistance level formed by the weekly PP and the slipping 100-hour SMA.
Such recovery of the Euro was triggered by a rebound from support zone located between the 1.1730 and 1.1722 levels. In addition to that, depreciation of the buck signified a breakout from the falling wedge formation.
In first half of this trading session the pair is expected to continue moving upwards until it reaches an area near the 1.1795 mark. The further surge is unlikely due to additional resistance posed by the monthly PP at 1.1806 and the upper boundary of a junior descending channel