EUR/USD finds support near 1.0700

Source: Dukascopy Bank SA


The EUR/USD has recently encountered resistance near 1.0760 and found support at 1.0700 level. However, by mid-Monday, the rate was at the same levels as on Thursday and Friday.

A decline of the pair is expected to look for support in the 1.0700 mark and the weekly S1 simple pivot point at 1.0673. Further below, the weekly S2 might act as support at 1.0622, before the 1.0600 level is reached.

On the other hand, a recovery of the pair could face resistance in the 50-hour SMA near 1.0720 and the 100-hour SMA near 1.0740. Higher above, note the weekly simple pivot point at 1.0752 and the 1.0750 level. Above, the pivot point, there is a resistance zone near 1.0760.
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