EUR/USD channel is broken

Source: Dukascopy Bank SA


The release of the US Consumer Price Index on Tuesday at 12:30 GMT, caused a drop of the value of the USD. The EUR/USD rate surged and broke the upper trend line of the channel down pattern. By the middle of Wednesday's European trading hours, the pair had started to fluctuate near the 1.1830 mark.

If in the near term future, the EUR/USD pair surges, it would test the resistance of the 200-hour SMA and the weekly simple pivot point at 1.1836. Above these levels, the weekly R1 simple pivot point at 1.1869 could serve as a technical resistance.

On the other hand, the rate could decline. A potential decline most likely would look for support in the 55 and 100-hour simple moving averages at 1.1807 and 1.1815. Below these levels, the 1.1800 mark could provide support. It was spotted that this level provided support on Tuesday evening and Wednesday morning.
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Wed, 15 Sep 2021 09:03:09 GMT

GBP/USD finds support in 1.3800

The GBP/USD currency exchange rate found support in the 1.3800 level just after GMT midnight to Wednesday. At mid-day the pair was testing and piercing the resistance of the 55, 100 and 200-hour simple moving averages in the 1.3825/1.3840 zone. If the pair manages to pass the resistance of the SMAs, it could once again test the weekly R1 simple pivot

Wed, 15 Sep 2021 06:46:02 GMT

USD/CAD bounces off support

The USD/CAD currency pair bounced off a support level formed by the 200– hour simple moving average at 1.2622 on Tuesday. As a result, the US Dollar surged by 88 pips or 0.70% against the Canadian Dollar.

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