EUR/USD respects moving averages

Source: Dukascopy Bank SA


The 1.0720/1.0740 support range held. Moreover, it appears that the rate reversed already at the weekly S1 simple pivot point at 1.0744. After finding support, the rate surged and encountered resistance in the 200-hour simple moving average.

A move above the 200-hour SMA would face the 1.0800 mark. Higher above, take into account the weekly simple pivot point at 1.0821 and the weekly S1 simple pivot point at 1.0862.

On the other hand, a decline of the Euro against the US Dollar is expected to be slowed down by the 50 and 100-hour simple moving averages, before the rate reaches the weekly S1 simple pivot point at 1.0744 and the 1.0720/1.0740 range.
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