EUR/USD remains below 1.1600

Source: Dukascopy Bank SA


Since the middle of Tuesday's trading, the EUR/USD bounced around the 50-hour simple moving average and the 1.1585/1.1588 zone. In the meantime an attempt to surge was stopped by the 1.1600 mark and the weekly simple pivot point at 1.1697.

On Wednesday, it appeared that the rate could trade sideways until it is approached by the resistance of the 100 and 200-hour simple moving averages from above. If the SMAs provide resistance and cause a decline, the EUR/USD could look for support in the October 29 low level at 1.1535.

However, a failure of the simple moving averages to provide resistance and possible breaking could result in the rate surging above the 1.1600 mark. Above the 1.1600 level, the most close by technical resistance level was the weekly R1 simple pivot point at 1.1658.
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Wed, 03 Nov 2021 17:11:51 GMT

GBP/USD awaits Bank of England

At mid-day on Tuesday, the GBP/USD passed the support of the weekly S1 simple pivot point and the lower trend line of the channel down pattern. However, the event did not result in the expected decline to the weekly S2 simple pivot point or the 1.3600 mark. Instead, the rate started a minor recovery at the 1.3606 level. By the

Wed, 03 Nov 2021 15:23:14 GMT

USD/CAD breaks resistance levels

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