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Since the middle of Tuesday's trading, the EUR/USD bounced around the 50-hour simple moving average and the 1.1585/1.1588 zone. In the meantime an attempt to surge was stopped by the 1.1600 mark and the weekly simple pivot point at 1.1697.
On Wednesday, it appeared that the rate could trade sideways until it is approached by the resistance of the 100 and 200-hour simple moving averages from above. If the SMAs provide resistance and cause a decline, the EUR/USD could look for support in the October 29 low level at 1.1535.
However, a failure of the simple moving averages to provide resistance and possible breaking could result in the rate surging above the 1.1600 mark. Above the 1.1600 level, the most close by technical resistance level was the weekly R1 simple pivot point at 1.1658.
Wed, 03 Nov 2021 16:52:11 GMT
Source: Dukascopy Bank SA
Since the middle of Tuesday's trading, the EUR/USD bounced around the 50-hour simple moving average and the 1.1585/1.1588 zone. In the meantime an attempt to surge was stopped by the 1.1600 mark and the weekly simple pivot point at 1.1697.
On Wednesday, it appeared that the rate could trade sideways until it is approached by the resistance of the 100 and 200-hour simple moving averages from above. If the SMAs provide resistance and cause a decline, the EUR/USD could look for support in the October 29 low level at 1.1535.
However, a failure of the simple moving averages to provide resistance and possible breaking could result in the rate surging above the 1.1600 mark. Above the 1.1600 level, the most close by technical resistance level was the weekly R1 simple pivot point at 1.1658.