EUR/USD breaks resistance

Source: Dukascopy Bank SA


Since mid-June, the EUR/USD was trading between the support zone at 1.0665/1.0670 and resistance at 1.0745/1.0760. On the first day of July's trading, the resistance zone was broken. However, it was not followed by a surge, as by mid-day the pair was impacted by the lower than forecast EU Purchasing Managers Indices.

In the near term future, the pair will wait for more data before either surging higher or returning to trade near the 1.0700 mark. A potential decline is set to look for support in the 50, 100 and 200-hour simple moving averages and the weekly simple pivot point at 1.0708/1.0720. Further below, note the weekly S1 simple pivot point and the 1.0665/1.0670 support range.

On the other hand, a recovery of the Euro against the US Dollar could be slowed down by the weekly R2 simple pivot point at 1.0788 and the 1.0790/1.0800 range.
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