EUR/USD reaches above SMAs

Source: Dukascopy Bank SA


On Monday, the EUR/USD managed to pass the resistance of the 100 and 200-hour simple moving averages near 1.2200. It was followed by a surge, which on Tuesday was testing the 1.2240 level. Note that the 1.2240 level reversed the rate's two surges. Namely, the EUR/USD bounced off the 1.2240 mark on May 19 and 21.

In the case of the rate passing the resistance of the 1.2240 mark, the rate could test the May high level near 1.2260. Take into account that the May high is strengthened by the weekly R1 simple pivot point at 1.2263.

On the other hand, a potential decline would look for support in the 1.2200 mark. This level is supported by the 55, 100 and 200-hour simple moving averages in the 1.2204/1.2210 range. Moreover, the weekly simple pivot point could provide support at 1.2198.
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Tue, 01 Jun 2021 11:18:10 GMT

GBP/USD bounces off pivot point

Despite passing the resistance of the zone above the 1.4220 level, the GBP/USD did not follow up with a large surge. The rate encountered resistance in the weekly R1 simple pivot point at 1.4246 and the 1.4250 level. By the middle of Tuesday's trading, the pair had retreated to the combined support of the 200-hour SMA and the weekly simple

Tue, 01 Jun 2021 07:55:52 GMT

USD/CAD potential targets at 1.2020

The US Dollar declined by 39 pips or 0.32% against the Canadian Dollar on Monday. The currency pair was pressured lower by the 50– and 200– hour SMAs during Monday's trading session.

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