EUR/USD rebounds from 1.2005

New trading session the currency exchange rate started with a rebound from alleged support zone located between the 1.2005 and 1.1992 levels.

Until release of information on employment change in the United States the pair is expected to spend fluctuating in a two-day long junior descending channel whose boundaries are covered by the 55- and 100-hour SMAs.

Due to existence of the above support area and the medium scale uptrend the Euro is expected to continue to appreciate against the Dollar tending to reach and test the two year maximum at the 1.2100 mark.

In general, there is a need to keep in mind changes in traders’ sentiment, which is becoming too bearish that in nearest perspective might lead to a new turnaround.

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