EUR/USD reaches resistance zone

Source: Dukascopy Bank SA


On Thursday, the EUR/USD jumped and hit the April high level zone at 1.0920/1.0938. By the middle of the day's GMT trading hours, the rate had bounced off the zone and retraced down to the 1.0880 level.

If the Euro continues to decline against the US Dollar, the pair might look for support in the Tuesdays high level zone at 1.0865. Afterwards, the combination of the 50 and 200-hour simple moving averages and the weekly simple pivot point near 1.0830. Further below, note the 100-hour simple moving average near 1.0815.

On the other hand, a recovery of the pair might find resistance in the 1.0900 mark and the weekly R1 simple pivot point at 1.0907, before approaching the 1.0920/1.0938 zone.
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