EUR/USD passes below support zone

Source: Dukascopy Bank SA


Since the last review of the EUR/USD chart, the pair fluctuated between the support range at 1.0900/1.0920 and resistance of 1.0960 and 1.0980 levels. On Thursday, March 14, the US Producer Price Index data release caused a major surge of the US Dollar. The event resulted in the rate declining below 1.0900.

The ongoing decline of the Euro against the US Dollar could look for support in the 1.0880 and 1.0860 levels. These levels have acted as support and resistance. It was previously assumed that they make up a support and resistance range. However, a closer look reveals that both of them are acting on their own. Further below, note the 1.0850 level and the weekly S1 simple pivot point at 1.0853.

On the other hand, a recovery of the European currency or a decline of the Dollar would result in the pair facing a strong range of resistance at 1.0900/1.0920. The range is strengthened by the 200-hour simple moving average and the weekly simple pivot point at 1.0917. Above these levels, the 50 and 100-hour simple moving average could impact the rate near 1.0930, before the 1.0960 and 1.0980 levels are tested again.
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