EUR/USD breaks resistance

Source: Dukascopy Bank SA


Prior to the release of the US Federal Reserve Rate announcement, the EUR/USD dropped and found support in the combination of the 1.0800 level and the weekly S1 simple pivot point at 1.0798. The event was followed by a surge that eventually broke the 1.0820/1.0830 range, the 50-hour simple moving average and the resistance line that has pushed the rate down.

The markets are set to be directed by the US Federal Reserve on Wednesday at 19:00 GMT. However, until then the rate could continue to respect technical levels.

A continuation of the Euro surge against the US Dollar could encounter resistance in the 100-hour simple moving average near 1.0850. Higher above, note the weekly simple pivot point at 1.0865 and the 200-hour simple moving average. These levels have to be broken for the rate to return to 1.0900.

On the other hand, a decline of the pair is expected to look for support in the 1.0820/1.0830 range and the combination of the 1.0800 mark and the weekly S1 simple pivot point at 1.0798.
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