EUR/USD remains near 1.0720/1.0740

Source: Dukascopy Bank SA


Since encountering support at 1.0720/1.0740, the EUR/USD rate slightly recovered. However, the recovery did not manage to reach the 1.0800 mark, as on Thursday the rate declined and was heading back to the support range. The decline was attributed to recent comments by US central bankers that they want inflation to got down, before considering rate cuts.

If the pair finds support in the 1.0720/1.0740 range and the weekly S1 simple pivot point at 1.0744, the rate could face resistance in the combination of the 50 and 100-hour simple moving averages near 1.0760. Higher above, note the 200-hour simple moving average and the 1.0800 mark.

In the meantime, a decline below 1.0720 would look for support in the weekly S2 simple pivot point at 1.0703 and the 1.0700 mark. Further below, there is no technical support as low as the descending trend line and the weekly S2 simple pivot point at 1.0627.
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