EUR/USD reaches above 1.2100

Source: Dukascopy Bank SA


On Friday morning, the EUR/USD currency exchange rate passed the resistance of the 55 and 200-hour simple moving averages and reached above the 1.2100 level. However, almost immediately resistance was provided by the weekly simple pivot point at 1.2109.

In the case of the rate passing the resistance of the weekly simple pivot point, the pair would face the resistance of the 100-hour simple moving average at 1.2119. If the SMA fails to keep the rate down, the EUR/USD could aim at the resistance of the 1.2175/1.2180 zone.

However, if the 100-hour SMA or the weekly simple pivot point manage to hold and reverse the rate, the pair would look for support in the 55 and 200-hour SMAs. If the 55 and 200-hour SMAs fail to keep the EUR/USD up, the rate could once again look for support in the 1.2050/1.2070 zone.
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Fri, 14 May 2021 06:52:02 GMT

GBP/JPY bears likely to prevail

The British Pound declined by 78 pips or 0.50% against the Japanese Yen on Thursday. The currency pair breached the 50– hour simple moving average during Thursday's trading session.

Fri, 14 May 2021 06:33:06 GMT

AUD/USD could still edge up

The Australian Dollar surged by 44 pips or 0.57% against the US Dollar on Thursday. The currency pair breached the support level at 0.7723 during yesterday's trading session.

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