EUR/USD trades below support

Source: Dukascopy Bank SA


The EUR/USD has retreated below the 1.0935/1.0950 range and shortly traded below 1.0900. On Tuesday, the 1.0950 level was acting as resistance and support was found in 1.0900.

A move above 1.0950 is expected to face resistance in the combination of the 100 and 200-hour simple moving averages near 1.0960, before the rate reaches the weekly simple pivot point at 1.0979 or the 1.1000 mark.

On the other hand, a decline of the Euro against the US Dollar could be slowed down by the 1.0900 mark and the weekly S1 simple pivot point at 1.0893. Below these levels note the Monday's low level at 1.0880. It appears that this round level is capable of providing support.
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