EUR/USD finds support in 1.0800

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Source: Dukascopy Bank SA


As expected, the EUR/USD has reached the 1.0800 mark. The round level acted as support and caused a recovery. By mid-Monday's trading, the rate was above the 50-hour simple moving average and the 1.0840 level.

An extension of the ongoing recovery could face resistance in the combination of the 1.0850 level, the weekly simple pivot point at 1.0850 and the 100-hour simple moving average. Higher above, note the 200-hour SMA.

On the other hand, a decline of the Euro against the US Dollar could once again look for support in the 1.0800 mark. Below the round level, note the descending trend line that has acted as support to the rate.
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