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Since Monday, the EUR/USD has traded near the 1.0600 mark. Despite passing below support levels, the rate did not decline further. In general, previous scenarios remain valid.
The next target for the decline could be the combination of the 1.0550 level and the weekly S2 simple pivot point at 1.0543. Further below note the 1.0500 mark and the lower trend line of a channel down pattern.
On the other hand, a proper recovery of the currency pair could encounter resistance in the 1.0600 mark and the 1.0620 level. Both of these levels have acted as support. Above the round levels, take into account the 1.0650 mark and the 50, 100 and 200-hour simple moving averages.
Tue, 26 Sep 2023 12:22:43 GMT
Source: Dukascopy Bank SA
Since Monday, the EUR/USD has traded near the 1.0600 mark. Despite passing below support levels, the rate did not decline further. In general, previous scenarios remain valid.
The next target for the decline could be the combination of the 1.0550 level and the weekly S2 simple pivot point at 1.0543. Further below note the 1.0500 mark and the lower trend line of a channel down pattern.
On the other hand, a proper recovery of the currency pair could encounter resistance in the 1.0600 mark and the 1.0620 level. Both of these levels have acted as support. Above the round levels, take into account the 1.0650 mark and the 50, 100 and 200-hour simple moving averages.