EUR/USD reaches support zone

Source: Dukascopy Bank SA


The EUR/USD has declined and reached the support zone at 1.0835/1.0840 and the weekly S1 simple pivot point at 1.0838. These levels held on Thursday morning and caused a retracement back up. During the first part of the day's trading, the rate encountered resistance in the 50-hour simple moving average.

A resumption of the decline would have to pass the support range at 1.0835/1.0840, before approaching the 1.0800 mark or the even lower located weekly S2 simple pivot point at 1.0766.

However, a breaking of the resistance of the 50-hour simple moving average near 1.0875 might not result in a broader surge. The rate faces additional resistance from the 100-hour SMA near 1.0885, the 200-hour SMA near 1.0900, the 1.0900 mark itself and the weekly simple pivot point at 1.0907. Above these levels note the resistance zone at 1.0930/1.0940.
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