EUR/USD trades below 1.0900

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Source: Dukascopy Bank SA


Throughout the past week, the financial markets have been reacting to United States fundamental data releases. In general, Consumer and Producer price indices and Retail Sales data have revealed that prices are going higher and the consumers don't care and just keep buying. Namely, the US Federal Reserve is not likely to cut interest rates, as the markets suddenly assumed at the end of last year. This in turn has strengthened the US Dollar, as Dollar interest is set to remain high.

The EUR/USD has declined and firmly trades below 1.0900. Most recently, the 1.0900 mark and the weekly S1 simple pivot point at 1.0906 were confirmed as resistance.

The ongoing decline could find support in the Wednesday's low level at 1.0845, before the pair approaches the 1.0820/1.0830 range and the weekly S3 simple pivot point at 1.0816. Further below, note that the 1.0800 mark is expected to act as support.

On the other hand, a recovery of the Euro against the US Dollar is set to face the weekly S2 at 1.0863. Higher above, the 50-hour simple moving average and the 1.0875/1.0890 range are expected to act as resistance. Afterwards, the 1.0900 mark and 1.0906 level could be tested.
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