EUR/USD declines back to 1.0500

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


At midnight to Wednesday, the combined resistance of the 1.0550 mark, the weekly R1 simple pivot point at 1.0553 and the 1.0560 level were enough to cause a decline of the EUR/USD currency exchange rate. By the middle of the day, the pair had found support in the combination of the 1.0472/1.0492 zone and the 50 and 200-hour simple moving averages.

A resumption of the surge of the Euro against the US Dollar would once again test the resistance of the 1.0550/1.0560 levels and the weekly R1 simple pivot point at 1.0553. However, a move above these levels would almost immediately encounter more resistance in the May high level zones at 1.0570/1.0600 and 1.0630/1.0640.

Meanwhile, a potential decline below the 1.0472/1.0492 zone might look for support in the 1.0450 mark, the weekly simple pivot point at 1.0451 and the 100-hour simple moving average. Below these levels, note the May low level zone at 1.0350/1.0355.
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