EUR/USD passes above 1.0600

Source: Dukascopy Bank SA


The EUR/USD has managed to reach above the 1.0600/1.0620 resistance. During the second part of Wednesday's trading, it appeared that the range was being confirmed as support. Meanwhile, it is clear that the 50-hour simple moving average provided the needed support for the push through 1.0620.

A continuation of the Euro surge against the US Dollar is expected to face the resistance of the weekly R1 simple pivot point at 1.0639 and the combination of the 1.0700 mark and the weekly R2 at 1.0695.

On the other hand, if the pair declines, support is bound to be found in the 1.0600/1.0620 range and the 50-hour simple moving average. Below these levels, note the approaching 100-hour simple moving average near 1.0570. Further below, the 1.0550 level, the weekly simple pivot point at 1.0544 and the 200-hour simple moving average could stop a broader decline.
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