EUR/USD retraces to 1.0500

Source: Dukascopy Bank SA


The EUR/USD failed to reach the 1.0600 mark. Instead, a retracement from the 1.0580 down to the 1.0500 mark has occurred. On Monday, the pair surged and was located near the 1.0550 level.

In the short term, a surge of the Euro against the US Dollar could test the combined resistance of the 1.0600 mark and the weekly R1 simple pivot point at 1.0603. However, note the Friday's high level zone at 1.0585/1.0589.

Meanwhile, a decline of the currency exchange rate might look for support in the 50-hour SMA near 1.0540, the weekly simple pivot point at 1.0523 and the 100-hour simple moving average near 100-hour SMA. Further below, note the 1.0500 mark and the 200-hour simple moving average.
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