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The EUR/USD has confirmed a support zone near the August low level of 1.0766. Namely, there is support at 1.0766/1.0771. The support zone has caused a recovery, due to which the pair is heading to the resistance levels near 1.0830.
Near the 1.8030 level, the rate is set to face the combination of the 50, 100 and 200-hour simple moving averages, the weekly simple pivot point and the 1.0830/1.0845 support and resistance zone. Moreover, the range is crossed by a resistance line, which connects the pair's recent notable high levels. If these technical levels fail to keep the pair down, the rate could approach the weekly R1 simple pivot point at 1.0888.
On the other hand, a highly likely bounce off from resistance and decline of the rate is expected to look for support in the 1.0800 mark, before the pair once again approaches the 1.0766/1.0771 range.
Mon, 04 Sep 2023 11:23:25 GMT
Source: Dukascopy Bank SA
The EUR/USD has confirmed a support zone near the August low level of 1.0766. Namely, there is support at 1.0766/1.0771. The support zone has caused a recovery, due to which the pair is heading to the resistance levels near 1.0830.
Near the 1.8030 level, the rate is set to face the combination of the 50, 100 and 200-hour simple moving averages, the weekly simple pivot point and the 1.0830/1.0845 support and resistance zone. Moreover, the range is crossed by a resistance line, which connects the pair's recent notable high levels. If these technical levels fail to keep the pair down, the rate could approach the weekly R1 simple pivot point at 1.0888.
On the other hand, a highly likely bounce off from resistance and decline of the rate is expected to look for support in the 1.0800 mark, before the pair once again approaches the 1.0766/1.0771 range.