EUR/USD retreats after jump

Source: Dukascopy Bank SA


The EUR/USD ended trading sideways in the range between the 1.1585/1.1590 and 1.1618/1.1625 zones. The rate ended it due to the release of the worse than forecast US Advance GDP data. The GDP caused a 110 pip jump up to the 1.1693 level. During the fundamental surge not only technical levels, but also the previous October high levels were passed.

During Friday's trading hours, the pair was declining back down. By the middle of the day's European trading hours, the EUR/USD had reached below 1.1650.

In the case that the pair continues to decline, it might look for support in the combination of the 55 and 200-hour simple moving averages and the weekly simple pivot point at 1.1630. Below this level, the 1.1618/1.1625 zone and the 100-hour SMA could provide support.

Meanwhile, a potential recovery might aim at the resistance of the 1.1687 level, where the weekly R1 simple pivot point was located at. Above the pivot point, the 1.1700 mark might serve as a resistance level.
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