EUR/USD passes below support range

Source: Dukascopy Bank SA


The EUR/USD has continued to be volatile near the 1.0900 mark, as various data has come in and bounced the rate around. However, this week the pair passed below the 1.0820/1.0830 range and appeared to be confirming it as resistance.

An extension of the ongoing decline is set to look for support in the 1.0800 mark and the weekly S1 simple pivot point at 1.0798. Further below, note the weekly S2 near 1.0750.

In the case of a Euro recovery against the Dollar, the pair would face the 1.0820/1.0830 range. Higher above, note that the 50, 100 and 200-hour simple moving averages have been declining. In addition, there is a trend line that connects recent lower and lower high levels. Moreover, the weekly simple pivot point could act as resistance at 1.0865. All of these technical levels might stop a recovery, before the 1.0900 mark is reached.
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