EUR/USD pierces 1.2000 mark

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Source: Dukascopy Bank SA


On Wednesday, the EUR/USD currency exchange rate passed the 1.2000 mark's support. It indicates that the rate could extend its decline.

A potential target for the pair's decline would be the weekly S1 simple pivot point at 1.1976. If the pivot point holds and causes a move up, the rate could find resistance in the 55-hour SMA near 1.2030. Afterwards, the combined resistance of the 100 and 200-hour SMAs and the weekly simple pivot point could provide resistance in the 1.2030/1.2070 range.

On the other hand, a passing of the support of the weekly S1 would most likely result in a test of the April 19 low level and the 1.1940 mark.
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Wed, 05 May 2021 13:38:38 GMT

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