EUR/USD pierces through 1.0800

Source: Dukascopy Bank SA


The resistance of the 1.0800 mark was broken this week due to the weakness of the US Dollar. In general, Jerome Powell stated on Tuesday that the Fed needs more data before cutting interest rates. On Wednesday, various US data sets were released either below expectations or at forecast. This caused the drop.

An extension of the ongoing gains of the Euro against the US Dollar is set to face the resistance of the weekly R3 simple pivot point at 1.0830. Higher above, the 1.0850 mark has shown to be capable of acting as resistance. If these levels fail, the 1.0900 level might be reached.

In the case of a decline, the rate is first set to look for support in the 1.0790/1.0800 range and the weekly R2 simple pivot point. Note that these levels are being crossed by a support trend line that connects the recent surge's ascending low levels. Below the trend line, the 50 and 100-hour simple moving averages are moving higher.
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