EUR/USD decline reaches 1.0850

Source: Dukascopy Bank SA


The EUR/USD currency pair appears to have pierced the May channel down pattern. However, support has been provided by the 1.0845/1.0850 range.

A potential recovery of the Euro against the US Dollar is likely set to face resistance in the 1.0880 level and the 50-hour simple moving average. Higher above, note the 1.0900 mark, the weekly simple pivot point at 1.0916 and the 100-hour simple moving average.

On the other hand, an extension of the ongoing decline would look for support in the 1.0845/1.0850 range. Further below, note the 1.0800 mark and the weekly S1 simple pivot point at 1.0779.
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