EUR/USD decline continues

Source: Dukascopy Bank SA


As the EUR/USD rate was being approached by the resistance of the 50-hour simple moving average, the rate resumed its broader decline. By mid-Wednesday, the currency pair had reached below the support of the 1.0550 level and the weekly S2 simple pivot point at 1.0543.

A continuation of the decline is set to look for support in the 1.0500 mark, before approaching the lower trend line of the channel down pattern in the 1.0480/1.0500 range. Further below, take into account the weekly S3 simple pivot point at 1.0471.

However, a potential recovery of the Euro against the US Dollar is expected to encounter resistance in the 1.0560 level and the 50-hour simple moving average near 1.0580. Higher above, take into account the weekly S1 at 1.0592 and the 1.0600 mark.
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