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The currency exchange rate has reached above the 1.0600 mark. However, the 1.0620 level is acting as resistance. It caused a retracement on Thursday and kept the rate down mid-Monday. Meanwhile, it has been spotted and charted that the rate is in a channel up pattern.
A move above 1.0620 could result in the rate facing the combined resistance of the weekly R1 simple pivot point at 1.0639, the October high level zone at 1.0635/1.0640. In addition, note the ascending upper trend line of the channel up pattern.
In the meantime, a decline of the Euro against the US Dollar is set to look for support in the 50-hour simple moving average near 1.0580. Further below, take into account the weekly simple pivot point at 1.0571, the 100 and 200-hour simple moving averages near it and the support and resistance zone at 1.0555/1.0565.
Mon, 23 Oct 2023 13:51:36 GMT
Source: Dukascopy Bank SA
The currency exchange rate has reached above the 1.0600 mark. However, the 1.0620 level is acting as resistance. It caused a retracement on Thursday and kept the rate down mid-Monday. Meanwhile, it has been spotted and charted that the rate is in a channel up pattern.
A move above 1.0620 could result in the rate facing the combined resistance of the weekly R1 simple pivot point at 1.0639, the October high level zone at 1.0635/1.0640. In addition, note the ascending upper trend line of the channel up pattern.
In the meantime, a decline of the Euro against the US Dollar is set to look for support in the 50-hour simple moving average near 1.0580. Further below, take into account the weekly simple pivot point at 1.0571, the 100 and 200-hour simple moving averages near it and the support and resistance zone at 1.0555/1.0565.