EUR/USD passes above 1.0900

Source: Dukascopy Bank SA


The EUR/USD managed to finally breach the 1.0860/1.0890 range and the combination of the 1.0900 mark and the weekly R2 simple pivot point. However, the rate consolidated before the ECB policy announcement and the announcement caused a retracement to the support of the passed range and the weekly R1 simple pivot point. After the fundamental event passed, EUR/USD continued the surge and reached 1.0920.

An extension of the ongoing surge is expected to be slowed down by the 1.0940 level where the weekly R3 simple pivot point is located at. Above the pivot point, the rate is set to face the 1.1000 mark, unless a new resistance reveals itself.

However, if a retracement back down occurs, the EUR/USD would look for support in the combination of the 1.0900 mark and the weekly R2 simple pivot point at 1.0903. Below 1.0900, the 1.0860/1.0890 range, the weekly R1 simple pivot point and the ascending 50 and 100-hour simple moving averages are expected to act as support. If these levels fail, the 1.0840/1.0860 range and the 200-hour SMA could turn into support.
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