EUR/USD looks for support

Source: Dukascopy Bank SA


On Monday morning, the EUR/USD appeared to be looking for support, as it found short term support in the weekly simple pivot point at 1.1584 and the 200-hour simple moving average at 1.1571. Near term forecasts were based upon whether or not the support levels hold.

In the case of a decline, the pair could reach first for the weekly S1 simple pivot point at 1.1544. Afterwards, the rate might aim for the last week's low levels at 1.1524/1.1530.

On the other hand, if the EUR/USD recovers, it would face the resistance of the 55-hour simple moving average near 1.1600. Above the 1.1600 mark, the rate might encounter resistance in the last week's high level zone at 1.1620/1.1625.
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Mon, 18 Oct 2021 08:00:18 GMT

GBP/USD tests pattern's support

The GBP/USD rate retreated on Monday morning to the support of the lower trend line of a channel up pattern, which has guided the pair since October 12. Future forecasts were based upon whether or not the support holds. In the case of a passing of the support of the channel up pattern, the GBP/USD might find support in the 55-hour

Mon, 18 Oct 2021 05:26:10 GMT

USD/CAD could target 1.2440

On Friday, the US Dollar rose by 57 pips or 0.46% against the Canadian Dollar. The surge was stopped by the 50– hour simple moving average during Friday's trading session.

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