EUR/USD continues higher

Note: This section contains information in English only.
Source: Dukascopy Bank SA


The EUR/USD managed to breach the 1.0800 mark and was consolidating, as the US CPI data was published. Due to the data being below forecast, the Dollar plummeted. It resulted in the EUR/USD heading higher.

Resistance could be encountered in the weekly R3 simple pivot point at 1.0866 and the April high level resistance zone that surrounds the 1.0880 level. Higher above, the 1.0900 mark is bound to slow down the rate, before the 1.1000 is reached. However, note that the 1.0940, 1.0960 and 1.0980 levels acted as resistance in March.

On the other hand, if the rate declines, look at prior resistance levels to turn into support. Note the weekly R2 at 1.0828 and the 1.0820 level. Below these levels, it appears that the 50, 100 and 200-hour simple moving averages could act as support. Further below, the 1.0800 mark and the weekly R1 are highly likely going to come into play.
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