EUR/USD surge reaches resistance

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Source: Dukascopy Bank SA


The surge of the EUR/USD managed to pass the resistance of the weekly simple pivot point at 1.1723 and the 200-hour simple moving average near 1.1730. Moreover, the rate reached the 1.1750 level before slightly declining on Tuesday morning.

In the case that the currency exchange rate surges, the pair would need to pass the resistance of the 1.1750 level before reaching for the weekly R1 simple pivot point at 1.1782. Above the pivot point, the 1.1800 mark could provide resistance just like it did during mid-August.

On the other hand, a potential decline of the rate would find support in the 200-hour simple moving average at 1.1730, the weekly simple pivot point at 1.1723, the 55-hour simple moving average at 1.1714 and the 1.1700 level. The 1.1700 level's support is being strengthened by the 100-hour simple moving average and a 61.80% Fibonacci retracement level.
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Tue, 24 Aug 2021 08:43:46 GMT

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