EUR/USD fails to breach 1.1000

Source: Dukascopy Bank SA


The crash of the US Dollar that was experienced on Monday resulted in the EUR/USD shortly trading above the 1.1000 mark. However, the 1.1000 held and the markets have calmed down. After the failure to move higher, the pair moved back to the 1.0900 level.

In the case that the rate surges, it is set to face the resistance of the 50-hour simple moving average and the 1.0940/1.0950 range. Higher above, the weekly R1 simple pivot point could act as resistance at 1.0965, before the pair reaches the 1.1000 mark.

On the other hand, a decline of the Euro against the US Dollar is set to look for support in the 100-hour simple pivot point and the 1.0900 mark. If these levels fail, the pair is expected to look for support in the 1.0870/1.0880 range and the weekly simple pivot point at 1.0872. In addition, the range is being approached by the 200-hour SMA.
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