EUR/USD retreats after reaching 1.1060

Source: Dukascopy Bank SA


The EUR/USD reached above the 1.1060 level at midnight to Tuesday. Afterwards, a decline started, as by mid-day the pair had reached below 1.1020.

If the pair declines even more, it could look for support in the 50-hour simple moving average at 1.1010, the 1.1000 mark and the combination of the 100 and 200-hour SMAs near 1.0990. Further below, note the weekly simple pivot point at 1.0965.

Meanwhile, a potential resumption of the EUR/USD surge could face resistance at 1.1040 ad 1.1060, as these levels have acted as resistance and support during this week's trading. In addition, note that the rate appears to be almost ignoring the weekly R1 and R2 simple pivot points.
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