EUR/USD respects SMAs

Note: This section contains information in English only.
Source: Dukascopy Bank SA


The previous May high levels did not provide support to the rate on Wednesday. However, just below the high levels, the 100-hour simple moving average provided support.

By the middle of Thursday's trading, the EUR/USD had been pushed up by the SMA to the resistance of the 1.2200 mark. The 1.2200 level was being strengthened by the resistance of the weekly R1 simple pivot point and the 55-hour simple moving average.

In the near term future, the pair could pass the resistance levels near the 1.2200 mark. In this case scenario the rate could test the resistance of the 1.2240 level.

On the other hand, a potential passing of the support of the 100-hour simple moving average near 1.2180 could result in a decline to the 1.2150 level. Note that the 1.2150 level was supported by the 200-hour simple moving average.
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