The release of the US Consumer Price Index data on Tuesday caused high volatility of the EUR/USD and eventually a booking of new July low level
at 1.1773 during the early hours of Wednesday's trading.To get more
news about
Fortrade, you can visit wikifx.com official website.
By the middle of Wednesday's European trading hours, the currency
exchange rate had recovered and was expected to reach the resistance of
the 55, 100 and 200-hour simple moving averages near 1.1830/1.1840. In
the case that the pair passes these levels, the EUR/USD would aim at the
weekly simple pivot point at 1.1852 and afterwards the 1.1900.
On the other hand, a bounce off from the resistance of the simple
moving averages, could result in a test of the support of the new July
low level at 1.1773.
