EUR/USD remains near 1.1100

Source: Dukascopy Bank SA


Despite the publication of the European PMIs and sharp decline, the EUR/USD currency pair remains near the 1.1150 mark. In general, the rate still respects the resistance of 1.1200 and the support range near 1.1080.

A recovery of the Euro against the US Dollar might be slowed down by the weekly simple pivot point at 1.1140 and the 100-hour simple moving average. Higher above, the 50-hour SMA could act as resistance, before the rate approaches the 1.1200 mark. Meanwhile, note that the 1.1160/1.1175 range is no longer impacting the pair.

On the other hand, a decline of the pair might result in the pair looking for support in the 200-hour SMA and the 1.1100 mark. Further below, take into account the weekly S1 simple pivot point at 1.1090. If these levels, fail, the rate is expected to look for support near the 1.1080 level and the 1.1040/1.1060 range.
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