EUR/USD declines to moving average

Source: Dukascopy Bank SA


The EUR/USD surge did not reach the 1.0800 mark, as it started a decline during the midnight hours to May 31. The following decline eventually found support in the 200-hour simple moving average near 1.0680. The moving average provided enough resistance for a surge to begin. The surge eventually found resistance in the 1.0740/1.0760 zone. On June 1, the rate fluctuated in the 1.0710/1.0740 zone.

If the rate declines, the 200-hour simple moving average and the 1.0700 are set to act as support. Further below, note the weekly simple pivot point at 1.0684. Afterwards, the 1.0627/1.0644 zone could stop a decline.

A move upwards is expected to encounter resistance in the 1.0740/1.0760 zone, before the rate once again attempts to reach the 1.0800 mark.
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