EUR/USD bounces off resistance zone

Source: Dukascopy Bank SA


The EUR/USD has bounced off the resistance zone at 1.0930/1.0950. The event was followed by a sharp decline on Tuesday morning. By mid-day, the rate had passed below the support of the 1.0900 mark and the combination of the 50 and 100-hour simple moving averages and the weekly simple pivot point at 1.0890.

An extension of the ongoing decline is expected to look for support in the low level zone at 1.0835/1.0845. However, note that the rate had paused and reversed its direction twice at the 1.0860 mark.

On the other hand, a recovery of the Euro against the US Dollar would have to pass the technical levels near 1.0890 and the 1.0900 mark, before approaching the 1.0930/1.0950 range.
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