EUR/USD reveals support range

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


The Federal Reserve announced that it could cut interest rates in 2024, which caused a massive drop of the US Dollar. The EUR/USD jumped and reached levels near the 1.0900 mark. After the event, the pair shortly reached above 1.0900, before retracing downwards and revealing a support zone at 1.0880/1.0888.

In the case of the pair extending the recent gains, it could approach a resistance zone at 1.0960/1.0965 and the weekly R2 simple pivot point at 1.0964. The mentioned range represents a late November high and low level zone. Higher above, note the 1.1000 level and the October high level range at 1.1008/1.1017.

On the other hand, if the Euro declines against the US Dollar due to a retracement note that the 1.0880/1.0888 range should be passed. Below the support range, the weekly R1 simple pivot point could turn into support despite being ignored during the Fed caused move. Further below take into account the 1.0825/1.0830 range and the ascending 50-hour simple moving average.
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