EUR/USD reaches below 1.0840/1.0850

Source: Dukascopy Bank SA


The EUR/USD currency pair has passed below the 1.0870/1.0880 and 1.0840/1.0850 ranges. The first range was passed, as the rate faced the resistance of technical levels and the 1.0900 mark. Afterwards, 1.0840/1.0850 failed due to the release of disappointing European Purchasing Managers Index survey results.

In the near term future, the rate is set to face the weekly S2 simple pivot point at 1.0823. If this technical level does not act as support, the pair is set to reach the 1.0800 mark. It has been observed that the 1.0790/1.0800 range has been impacting the EUR/USD. Further below, there is a support and resistance zone at 1.0745/1.0760.

On the other hand, a potential recovery of the Euro against the US Dollar is set to face the 1.0840/1.0850 range. Higher above, note the previously passed 1.0870/1.0880 zone that could turn into resistance. In addition, the 50, 100 and 200-hour simple moving averages are highly likely to impact the rate.
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