EUR/USD reveals resistance zone

Source: Dukascopy Bank SA


The EUR/USD currency pair has revealed a resistance zone at 1.0908/1.0930. The resistance zone managed to force the pair into a decline down to the 1.0830 level. During the decline, the rate passed below the support of the 50-hour SMA and the 1.0850 mark.

An extension of the decline of the Euro against the US Dollar might look for support in the 1.0800 mark and the 100-hour simple moving average. Further below, note the weekly R1 that might act as support, before the pair reaches the 1.0750 level.

On the other hand, a recovery of the Euro against the US Dollar is expected to encounter resistance in the 1.0908/1.0930 range, prior to reaching 1.0950 and 1.1000.
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