EUR/USD is back at 1.1000

Source: Dukascopy Bank SA


Initially, the US CPI was at the forecasts or slightly lower, which caused a drop of the US Dollar on Thursday at 12:30 GMT. However, then the markets realized that the data has showed first growth in 13-months.

On the EUR/USD charts it resulted in an initial piercing of the resistance levels as high as 1.1060, before the pair retreated back down. On Friday, the rate was back at 1.1000 levels' resistance and support of the 50, 100 and 200-hour simple moving averages near the weekly simple pivot point at 1.0987. In general, previously active support and resistance zones are expected to continue to impact the pair.

A decline below 1.0975 might look for support in the 1.0935/1.0950 range, before reaching the weekly S1 simple pivot point at 1.0928. Further below, note the 1.0900 mark, the weekly S2 simple pivot point at 1.0853 and the 1.0850 level.

A recovery of the Euro against the US Dollar above 1.1000 would test the 1.1030/1.1045 range. Higher above, take into account the weekly R1 simple pivot point at 1.1062 and Thursday's high level at 1.1065.
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