EUR/USD remains below 1.0800

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Source: Dukascopy Bank SA


The EUR/USD has confirmed the support and resistance zone at 1.0800/1.0805 and that there is support at 1.0760. Meanwhile, as the rate has fluctuated sideways, it has pierced the upper trend line of the December channel down pattern.

A surge of the Euro against the US Dollar would have to pass the 1.0800/1.0805 range and the descending 100-hour simple moving average. Above these levels, note the 200-hour simple moving average near 1.0880 and the weekly simple pivot point at 1.0908.

In the case of a decline of the currency rate below 1.0760, the weekly S2 simple pivot point could act as support at 1.0720, before the 1.0700 mark would be reached.
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