EUR/USD trades near 1.0700

Source: Dukascopy Bank SA


During the holidays, the EUR/USD recovered and reached the 1.0700 mark. However, on January 2 the currency exchange rate traded below the round level. Meanwhile, support appeared to be provided by the combination of the weekly simple pivot point at 1.0671 and the 50-hour simple moving average.

A resumption of the surge would have to reach above 1.0700. Higher above, the December high level is expected to act as resistance at 1.0736. Afterwards, the weekly R1 simple pivot point at 1.0745 could slow down a surge.

On the other hand, a decline of the Euro against the US Dollar would have to pass the support of the 50-hour SMA and the weekly simple pivot point at 1.0671. Further below, note the 100 and 200-hour simple moving averages near 1.0655 and 1.0640.
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