EUR/USD reveals new zone

Source: Dukascopy Bank SA


The EUR/USD has been trading around the 1.0850 mark for most of the week, as it has been bounced around by US data releases. Meanwhile, the pair has revealed a new support and resistance range at 1.0825/1.0830.

On Friday, the rate was finding support in the 1.0840/1.0850 range and minor resistance was provided by the 100-hour simple moving average. However, by mid-day the SMA was broken.

Due to the passing above the 100-hour simple moving average, the rate is expected to soon approach and test the resistance of the 1.0870/1.0880 zone and the 200-hour simple moving average. If these levels fail, the rate might approach the 1.0900 mark.

In the case of a potential decline of the EUR/USD support will be provided by the 50-hour simple moving average and the 1.0840/1.0850 range. Below this range, the 1.0825/1.0830 is expected to once again act as support, before the rate reaches 1.0800.
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