EUR/USD passes below 1.0800

Source: Dukascopy Bank SA


Due to a broader Dollar's strength, the EUR/USD has passed below the 1.0800 mark. From a technical perspective, the pair bounced off the resistance range at 1.0835/1.0845, which caused the recent decline.

A continuation of the EUR/USD decline could look for support in the Friday's low level at 1.0766. Below the low level, take into account the weekly S1 simple pivot point at 1.0728. However, the 1.0740 level has acted as support and resistance during June of 2023. The round level could once again impact the rate.

On the other hand, a recovery of the Euro against the US Dollar would face resistance in the 1.0800 mark and the 50 and 100-hour simple moving averages near 1.0810 and 1.0820. Higher above, note the weekly simple pivot point at 1.0829 and the 1.0835/1.0845 zone.
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