EUR/USD tests resistance zone

Source: Dukascopy Bank SA


On Monday, the EUR/USD currency pair reached the resistance zone at 1.0190/1.0220 and the weekly R1 simple pivot point at 1.0193. However, it can be spotted that it was the 1.0200 mark, which stopped and reversed the surge of the pair. The event resulted in the rate declining and finding support in the 1.01200 level.

During the early hours of Tuesday's trading, the currency pair was once again approaching the 1.0190/1.0220 zone. Higher above, note the 1.0250 mark and the resistance zone at 1.0270/1.0280.

However, a decline of the Euro against the USD is expected to once again look for support in the 1.0120 level, the 1.0100 mark and the 50 and 200-hour simple moving averages near 1.0110 and 1.0090.
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