EUR/USD encounters resistance above 1.0700

Source: Dukascopy Bank SA


On Wednesday, the support of the 1.0625/1.0640 range held and a surge occurred, as the 100-hour simple moving average approached the pair from below. However, on midnight to Thursday the pair encountered resistance in the 1.0700 level, despite shortly reaching above it.

A resumption of the surge of the Euro against the US Dollar is expected to test the resistance of the weekly R2 simple pivot point at 1.0737 and the 1.0750 level. However, note the resistance of the 1.0700 mark and the 50-hour simple moving average.

However, support could be found in the 100-hour simple moving average near 1.0660, the weekly R1 simple pivot point at 1.0649 and the support zone at 1.0625/1.0640. A further decline of the Euro against the US Dollar is expected to almost immediately find support in the 1.0600 level and the zone below it.
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