EUR/USD remains above 1.0500

Source: Dukascopy Bank SA


The EUR/USD currency exchange rate had reached a new high level on Monday morning, as the pair touched the 1.0585 level. However, the event was followed by a decline, as by 08:00 GMT the pair was below 1.0550.

In the case of a continuous decline the pair might look for support first in the 50-hour simple moving average near 1.0510and the 1.0500 mark. In addition, take into account the lower trend line of the channel up pattern, which captures the recent surge of the Euro against the US Dollar. Further below, note the weekly simple pivot point at 1.0456.

On the other hand, a recovery of the Euro against the USD would face the 1.0550 level's resistance and the 1.0600 mark. Higher above, note the weekly R1 simple pivot point at 1.0622.
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