EUR/USD manages to recover

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


The EUR/USD continued to find support in the 1.0600 mark for most part of the week. The support was strong enough to eventually start a surge that broke the resistance of the 50 and 100-hour simple moving averages.

An extension of the ongoing surge is set to face the combination of the 1.0700 mark, the weekly simple pivot point at 1.0715 and the 200-hour simple moving average. Higher above, the 1.0800 mark and the weekly R1 simple pivot point are expected to act as resistance.

In the case of a Euro decline against the US Dollar, the rate could look for support in the 50 and 100-hour simple moving average near 1.0650. Further below, the 1.0600 mark is set to once again impact the rate. If the 1.0600 fails, the descending support trend line might slow down the rate, before it reaches the 1.0550 level and the weekly S1 simple pivot point.
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