EUR/USD finds support near 1.0950

Source: Dukascopy Bank SA


On Friday, the EUR/USD plummeted due to the US Dollar strengthening that was caused by the much better than expected US monthly employment data. On the EUR/USD charts, it coincided with the pair bouncing off the resistance zone at 1.1040/1.1065 and the 50-hour simple moving average. Afterwards, the pair found support in the 1.0950 level.

In the near term future, the Euro could recover against the US Dollar and face the resistance of the 50-hour simple moving average and the 1.1000 mark. If these levels fail, the rate should aim at the 1.1040/1.1065 zone and the weekly simple pivot point at 1.1045. In addition, the 100-hour SMA could slow down the pair.

A potential resumption of the prior decline would look for support in the 1.0950 and 1.0900 levels, prior to approaching the weekly S1 simple pivot point at 1.0880.
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