EUR/USD continues to surge

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


The EUR/USD has massively surged due to the US inflation having been revealed to be lower than markets expected. This week, the surge continued, as the pair reached above 1.0900. On Monday, the pair tested the resistance of the 1.0940 level. By mid-Tuesday, the pair was at 1.0960.

A move of the currency pair above the 1.0960 level could result in the rate approaching the combined resistance of the 1.1000 mark and the weekly R1 simple pivot point at 1.0997. Higher above, note the 1.1050 mark and the weekly R2 simple pivot point at 1.1081.

On the other hand, a decline of the Euro against the US Dollar is set to look for support in the 1.0900 mark. In addition, support could be found in the 50 and 100-hour simple moving averages near 1.0925 and 1.0880. Further below, note that the 1.0830/1.0840 range has acted as support. In addition, the weekly simple pivot point could act as support at 1.0831.
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Tue, 21 Nov 2023 12:43:53 GMT

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