EUR/USD once again aims at 1.1000

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


The support of the 1.0880/1.0888 range and the weekly simple pivot point was enough to cause a surge of the Euro against the US Dollar. By mid Tuesday, the pair had passed above the 1.0960/1.0965 range that acted as resistance. By the end of the day, it appeared that the zone had acted as support.

The surge of the pair is expected to once again test the resistance of the 1.1000 mark and the zone at 1.1008/1.1017. In addition, note that this week the weekly R1 simple pivot point was located at the 1.1020 level. These levels have to be broken for the rate to approach highs not seen since August.

However, in the case of a decline of the rate, the already confirmed support levels are set to impact the pair. Namely, the 1.0960/1.0965 range, the 1.0880/1.0880 zone and the weekly simple pivot point most likely will act as support. Meanwhile, the hourly simple moving averages have not shown to be capable of impacting the rate during this week. Although, the combination of the 50 and 100-hour SMAs near 1.0930 could act as support.
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