EUR/USD finds support

Source: Dukascopy Bank SA


The United States Bureau of Labor Statistics has published the monthly employment data sets. The released data has caused a surge of the US Dollar of 0.5% over the span of a minute. Afterwards, the Dollar continue to gain, as the momentum had continued. Since mid-Monday, the Dollar index was testing the 104.50 level's resistance.

The EUR/USD has declined to the support range at 1.0720/1.0740. Future scenarios are based on whether the range holds.

A recovery of the Euro against the US Dollar is set to face the 1.0760 level and the 50-hour simple moving average. Higher above, note the 1.0800 mark and the 100-hour SMA. Above the round exchange rate, the combination of the 200-hour SMA and the weekly simple pivot point could turn into resistance at 1.0820.

On the other hand, a decline of the currency pair below the support range is expected to look for support in the combination of the 1.0700 mark, the weekly S2 at 1.0703 and the trend line that has been impacting the rate. Further below, take into account the weekly S3 simple pivot point at 1.0863.
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