EUR/USD approaches 1.0800

Source: Dukascopy Bank SA


The currency exchange rate has passed below the support of the 1.0825/1.0830 range. Moreover, on Monday morning the decline reached below the weekly S1 simple pivot point at 1.0819. In the near term future, the EUR/USD is expected to reach the 1.0800 mark.

In the case that the 1.0800 mark holds and provides support for a potential recovery of the Euro against the US Dollar, the rate might encounter resistance in the previous support levels. Namely, the 1.0825/1.0830 and 1.0840/1.0850 ranges are highly likely going to act as resistance. Meanwhile, note the additional resistance of the 50 and 100-hour simple moving averages near 1.0850. If all of these levels are passed, the weekly simple pivot point could come into play at 1.0861.

On the other hand, an extension of the decline below 1.0800, is expected to look for support in the weekly S2 simple pivot point at 1.0784, before the rate reaches the 1.0745/1.0760 range and the weekly S3 at 1.0742.
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