EUR/USD trades between two zones

Source: Dukascopy Bank SA


In the aftermath of the US employment release, the EUR/USD still trades between two ranges of support and resistance. Namely, resistance is provided by the 1.0840/1.0850 range and support is found at 1.0790/1.0800.

A move above the resistance range of 1.0840/1.0850 could be caused by the approaching hourly simple moving averages that have shown to be capable of pushing the rate higher. A move above 1.0850 is expected to face resistance in the weekly R1 simple pivot point at 1.0883. Higher above, the 1.0900 mark and the weekly R2 at 1.0929 could slow down the Euro, before the 1.1000 mark is reached.

On the other hand, a decline of the Euro against the US Dollar could look for support first in the 50-hour simple moving average and then the ascending 100-hour SMA. Below these two levels note the 1.0790/1.0800 range and the weekly simple pivot point at 1.0797. Further below these levels, note the combination of the ascending 200-hour SMA and the weekly S1 simple pivot point at 1.0750/1.0760.
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