EUR/USD breaks above 1.0900

Source: Dukascopy Bank SA


On Monday, the lower than expected US Manufacturing sector Purchasing Managers Index caused a drop of the US Dollar. The index came in below expectations. Markets expected the PMI to be at 49.8, but the actual reading is 48.7.

The EUR/USD pushed through the 1.0875/1.0885 range's resistance, the weekly R1 simple pivot point at 1.0893 and the 1.0900 mark. The surge stopped at the 1.0915 level. A closer look at the rate reveals that an upper trend line of a channel up pattern is located at that level. This trend line held and caused a retracement down to the 1.0860 level.

In the near term future, the rate is expected to look for suport in the lower trend line of the channel up pattern and the 100 and 200-hour simple moving averages. Below these levels, support could be found in the weekly simple pivot point at 1.0840.

On the other hand, a recovery of the Euro against the US Dollar might encounter resistance once again in the 1.0875/1.0885 range, the weekly R1 and the 1.0900 level, prior to reaching new highs.
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