EUR/USD remains below 1.0600

Source: Dukascopy Bank SA


The resistance of the 1.0600 level was enough to cause a decline of the pair to the 1.0500 mark, which acted as support. During the second part of the day's European trading hours, the Euro traded near the 1.0550 level against the US Dollar.

If the pair declines, the 1.0500 is expected to act as support, before the last week's low level zone at 1.0472/1.0492 is reached. In addition, take into account the weekly simple pivot point at 1.0471. Further below, the weekly S2 simple pivot point is located at 1.0397 and strengthens the 1.0400 level.

On the other hand, a recovery of the Euro against the USD would have to pass the 1.0600 mark, before approaching the post-Federal Reserve rate hike high level zone at 1.0626/1.0642 and the weekly R1 simple pivot point. Meanwhile, note that the pair was ignoring the 50, 100 and 200-hour simple moving averages and the weekly simple pivot point at 1.0535/1.0557
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