EUR/USD trades near 1.0500

Source: Dukascopy Bank SA


The EUR/USD has passed the support of the 50-hour simple moving average and the 1.0500 mark. Moreover, the recent channel up pattern was broken. On Tuesday morning, the currency pair was finding support in the 100-hour simple moving average near 1.0480.

A decline below the 100-hour simple moving average might look for support in the combination of the weekly simple pivot point at 1.0456 and the 1.0450. Further below, note the 200-hour simple moving average near 1.0435. The SMA could approach 1.0450 and provide additional support. In the case of the 1.0450 being passed, note the 1.0400 mark and the weekly S1 simple pivot point at 1.0367.

On the other hand, a resumption of the Euro's recovery against the US Dollar is highly likely set to encounter resistance in the 50-hour simple moving average near 1.0520 and the 1.0550 level, before approaching the 1.0600 mark.
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