EUR/USD reaches below support

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


The EUR/USD currency exchange rate eventually declined and on Thursday morning passed below the 1.0500 mark and the support zone at 1.0472/1.0492. By the middle of the day's trading the pair appeared to be heading to the 1.0400 level and the weekly S1 simple pivot point at 1.0397.

If the Euro declines against the US Dollar below the 1.0400 level and the weekly S1 simple pivot point at 1.0397, the rate could find some support in the 1.0350 level, before eventually reaching the 2017 low level at 1.0340. A move below 1.0340 would result in the EUR/USD being at levels not seen since 2002.

Meanwhile, a recovery of the currency pair is expected to encounter resistance at 1.0450 and the 1.0472/1.0492 zone.
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Thu, 12 May 2022 10:49:54 GMT

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