EUR/USD respects round levels

Source: Dukascopy Bank SA


The 1.0800 mark was passed, during the prior week. However, support was found in the 1.0760 and 1.0780 levels. By the start of this week, the rate was trading near the 1.0800 mark, respecting technical levels around it.

A surge of the Euro against the US Dollar is set to face resistance in the 200-hour simple moving average. Higher above, resistance is expected to be encountered in the range near 1.0840. If these levels fail, the rate could be slowed down by the upper trend line of the channel pattern, the 1.0850 level and the weekly R1 simple pivot point at 1.0857.

On the other hand, a decline of the pair below the 1.0810 level and the weekly simple pivot point is expected to look for support in the 1.0800 mark and the 100-hour simple moving average. Further below, note the lower trend line of the channel up pattern and the 1.0780 and 1.0760 levels.
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