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The support of the 1.0450 mark was enough to cause a recovery of the Euro against the US Dollar. The rat has reached above the resistance of the weekly S1 at 1.0486, the 50-hour simple moving average and the 1.0500 mark. At mid-day on Wednesday, the pair faced the 100-hour simple moving average at 1.0525.
A move above the 100-hour moving average could encounter resistance first in the 200-hour SMA near 1.0550, before the pair approaches the weekly simple pivot point at 1.0571 or the upper trend line of the channel down pattern.
However, a resumption of the broader decline is expected to look for support in the 1.0500 mark and the combination of the 50-hour simple moving average and the weekly S1 simple pivot point at 1.0486. Further below, the 1.0450 level could once again act as support.
Wed, 04 Oct 2023 12:38:17 GMT
Source: Dukascopy Bank SA
The support of the 1.0450 mark was enough to cause a recovery of the Euro against the US Dollar. The rat has reached above the resistance of the weekly S1 at 1.0486, the 50-hour simple moving average and the 1.0500 mark. At mid-day on Wednesday, the pair faced the 100-hour simple moving average at 1.0525.
A move above the 100-hour moving average could encounter resistance first in the 200-hour SMA near 1.0550, before the pair approaches the weekly simple pivot point at 1.0571 or the upper trend line of the channel down pattern.
However, a resumption of the broader decline is expected to look for support in the 1.0500 mark and the combination of the 50-hour simple moving average and the weekly S1 simple pivot point at 1.0486. Further below, the 1.0450 level could once again act as support.