EUR/USD fluctuates in 0.9600/0.9700 range

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Source: Dukascopy Bank SA


The EUR/USD currency pair has revealed that it finds support in the 0.9600 level and resistance is provided by the 0.9700 mark. In the meantime, it was spotted on Tuesday morning that the pair was approached from above by the additional resistance of the 50-hour simple moving average.

In the case of the 50-hour SMA pushing the rate down, the 0.9600 level would have to be passed. A move further of the Euro against the US Dollar is highly likely going to look for support in the combination of the weekly S1 simple pivot point at 0.9554 and the 0.9550 mark. Further below, note the 0.9500 and 0.9450 levels.

However, a potential recovery of the Euro above the moving average is expected to encounter resistance in the 0.9700 level. Higher above, the combination of 0.9750 and the 100-hour simple moving average are highly likely set to slow down a recovery.
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