EUR/USD respects trend line

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


The EUR/USD has declined, as expected. The rate has found support, as it approached the trend line that acted as support throughout March. On Monday, the rate recovered and traded with low volatility near the 1.0650 level. It appeared that the pair was waiting for additional news, before picking a direction.

In the near term future, the rate could be pushed down by the 50-hour simple moving average. A resumption of the decline could still find support in the descending trend line, before the rate reaches the 1.0600 mark that has acted as support in the past. Below these levels, take into account the weekly S1 simple pivot point at 1.0546 and the 1.0550 level.

On the other hand, a recovery of the Euro against the US Dollar would have to break the 50-hour SMA, the 1.0700 mark and the weekly simple pivot point at 1.0715. In addition, note the descending 100-hour simple moving average that could strengthen the weekly simple pivot point. Higher above, note the combination of the 200-hour SAM, the 1.0800 mark and the weekly R1 simple pivot point at 1.0808.
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