EUR/USD trades near 1.0800 - Trading Ideas - Dukascopy Bank
Mon, 18 May 2020 11:53:04 GMT
Source: Dukascopy Bank SA
The EUR/USD started the week by testing the support of the 1.0800 level.
In the meantime, the rate was being pressured by technical resistance levels near the 1.0820 mark. At that level the 100 and 200-hour simple moving averages.
Economic Calendar Analysis
Today, the US Retail Sales on Friday is being released at 12:30 GMT.
During the week, Markit is going to publish the US Flash Manufacturing PMI survey results on Thursday, May 21, at 13:45 GMT.
Additionally, the German Flash Manufacturing and Services PMIs survey results are set to be issued on Friday, May 22, at 7:30 GMT.
On Friday, the EUR/USD currency pair failed to exceed the 1.0840 level. During today's morning, the pair was trading in the 1.0810 area.
Given that the exchange rate is pressured by the 55-, 100– and 200-hour SMAs in the 1.0800/1.0825 area, it is likely that some downside potential could prevail in the market.
Note that the rate could gain support from the weekly and monthly S1s in the 1.0770 area. If the given support holds, it is likely that a reversal north could follow.
Hourly Chart
On the daily candle chart, the rate has bounced off the low level of April and March near the 1.0775 mark. This level strengthened the support of the monthly S1 simple pivot point.
Note that the pair is pressured by the 55-, 100- and 200-day moving averages in the 1.0940/1.1020 range.
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