EUR/USD finds support in August low

Source: Dukascopy Bank SA


The EUR/USD Thursday's drop found support in the August low level zone at 0.9900/0.9915. The support zone was enough to cause a recovery of the pair. During the early hours of Friday's trading, the pair had approached the 1.0000 mark.

A move above the 1.0000 mark and the 50 and 100-hour simple moving averages might encounter resistance in the 1.0040 level, prior to approaching the 1.0080/1.0090 zone. The 1.0080/1.0090 zone has been keeping the pair down since the start of last week.

On the other hand, a recovery of the Euro against the US Dollar is expected to look for support in the 0.9900/0.9915 zone. Further below, note the weekly S1 simple pivot point at 0.9878.
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