EUR/USD reveals new ranges

Source: Dukascopy Bank SA


In the aftermath of the ECB events, the EUR/USD has revealed a support and resistance range. Support is located at 1.0810/1.0815. Resistance is at 1.0870/1.0875.

On Monday, the rate bounced off the resistance range that was strengthened by the 100-hour simple moving average and the weekly simple pivot point at 1.0871. However, by midday it appeared that support was found in the 1.0850 level and the 50-hour simple moving average.

In the near term future, a move below the 50-hour SMA might aim at the 1.0810/1.0815 support range. Below the range, support is expected to be found in the weekly S1 simple pivot point at 1.0806 and the 1.0800 mark.

On the other hand, a recovery of the Euro against the US Dollar is set to result in a test of the 100-hour SMA, the weekly simple pivot point and the 1.0810/1.0815 range. Higher above, note the descending 200-hour simple moving average and the 1.0900 mark.
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