EUR/USD reveals support zone

Source: Dukascopy Bank SA


The EUR/USD revealed a support zone below 1.0840 on Monday. The support zone was enough to cause a surge, which by mid-Tuesday had managed to reach above the technical levels near 1.0900.

The ongoing surge of the Euro against the US Dollar is expected to encounter resistance in the 1.0920 and 1.0940 levels. Higher above, note the April high level zone at 1.0965/1.0973.

On the other hand, a decline of the pair is bound to look for support in the 50, 100 and 200-hour simple moving averages and the weekly simple pivot point near 1.0890. Further below, note the support zone near 1.0840. Moreover, the 1.0880 and 1.0860 have been acting as support.
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