EUR/USD reveals pattern

Source: Dukascopy Bank SA


The Friday's high volatility that was caused by the US Employment data release was followed by a decline of the Euro against the US Dollar. By Monday, the currency pair had reached below the 1.1040/1.1060 range. In addition, it has been spotted that the rate is in a broad channel down pattern.

An extension of the decline might look for support in the weekly S1 simple pivot point at 1.1021. A passing below this level is expected to look for support in the 1.1000 mark and the major channel down pattern.

On the other hand, a recovery of the Euro against the US Dollar would have to reach above 1.1060, before approaching the combination of the 50, 100 and 200-hour simple moving average near 1.1080. Higher above, take into account the weekly simple pivot point at 1.1088 and the 1.1100 mark.
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