EUR/USD finds support in 1.0850

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Source: Dukascopy Bank SA


The decline of the Euro against the US Dollar eventually encountered support in the form of the 1.0850 level. In addition, it is assumed that some pressure came from the approaching 200-hour simple moving average. The event was followed by a recovery up and above the 1.0900 mark.

A resumption of the previous decline could look for support in the 200-hour simple moving average near 1.0860 and the 1.0850 mark, before the rate reaches the weekly simple pivot point at 1.0831 and the 1.0825/1.0830 range.

On the other hand, a recovery of the EUR/UD is set to face the resistance of the 1.0950/1.0965 range. Higher above, take into account the combination of the 1.1000 mark and the weekly R1 simple pivot point.
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