EUR/USD remains above 1.0800

Source: Dukascopy Bank SA


The EUR/USD found support near the 1.0800 mark without properly reaching it. The follow up recovery eventually was met by the resistance of the 50 and 100-hour simple moving averages near 1.0860. The SMAs provided enough resistance for the rate to decline back to 1.0820, where the weekly S1 simple pivot point was acting as support. In general, the rate was expected to once again look for support in the 1.0800 mark.

A move below 1.0800 level could look for support in the weekly S2 simple pivot point at 1.0775 or the combination of the 1.0700 mark and the weekly S3 simple pivot point at 1.0707.

On the other hand, a potential recovery is expected to encounter resistance in the weekly S1 at 1.0822 and the mentioned 1.0835/1.0845 range, Higher above, note the 1.0860 level and the 50 and 100-hour simple moving averages.
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