EUR/USD shortly trades below support

Source: Dukascopy Bank SA


The reaction to the ECB interest rate hike was a decline of the Euro against other currencies. On the EUR/USD chart it resulted in a piercing of the combined support of the 1.0000 mark, the 50-hour simple moving average and the weekly R2 simple pivot point at 0.9985. However, by 14:00 GMT, the pair was observed to have recovered back up to 1.0025.

An extension of the recovery is set to once again test the resistance of the 1.0100 mark and the weekly R3 simple pivot point at 1.0094. However, take into account that the 1.0050 level could act as resistance, as it has shown during this week.

Meanwhile, a resumption of the Euro decline might result in the rate once again looking for support in the 1.0000 mark and the technical levels near it.
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