EUR/USD reaches above resistance

Source: Dukascopy Bank SA


The currency pair has managed to pass the resistance of the 1.0935/1.0945 range and the 50-hour simple moving average. However, the 1.0960 level acted as resistance. As the rate approached the upper trend line of the descending channel pattern, a decline started, which was looking for support in the 1.0935/1.0945 zone.

A move below 1.0935 could look for support in the weekly S1 at 1.0920 and the 1.0900 mark, before the pair reaches the support of the July low levels at 1.0835/1.0840, the weekly S2 simple pivot point at 1.0829 and afterwards the 1.0800 mark. In addition, note the trend line which connects the lower low levels of the broader decline.

On the other hand, a recovery of the Euro against the US Dollar could be stopped by the combination of the 1.0960 level and the upper trend line of the channel down pattern. In addition, the 100-hour simple moving average is approaching the rate. Higher above, note the 1.1000 mark and the 200-hour SMA.
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