EUR/USD respects moving average

Source: Dukascopy Bank SA


Worse than expected European country Purchasing Managers Indices caused a constant decline of the Euro from 07:00 GMT up to 08:00 GMT on Friday. The rate eventually started a recovery, which has reached back above 1.0900.

However, it has been spotted that the EUR/USD is encountering resistance in the 200-hour simple moving average. Meanwhile, the 1.0900 was acting as support during the early hours of Monday's trading.

A move above the 200-hour simple moving average and the weekly simple pivot point at 1.0916 could almost immediately be stopped by the 50 and 100-hour simple moving average. Higher above, note the weekly R1 simple pivot point 1.0987.

On the other hand, a decline below 1.0900 might look for support in the 1.0880 and 1.0850 levels. These levels have acted as support on Friday. Further below, take into account the weekly S1 simple pivot point at 1.0819.
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