EUR/USD finds support in pivot point

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Source: Dukascopy Bank SA


The EUR/USD found support on Monday in the weekly simple pivot point at 1.1858. On Tuesday, the rate had slightly recovered. In the meantime, the pair was approached by the 100-hour simple moving average, which could provide additional support and push the rate up.

In the case of a surge, the EUR/USD currency exchange rate would most likely test the resistance of the 1.1900 level. The 1.1900 has kept the rate down since the start of July.

On the other hand, a decline of the pair would have to pass the support of the 100-hour simple moving average near 1.1860 and the weekly simple pivot point at 1.1858 before reaching lower. Below the mentioned support levels, the pair could find support in an ascending support trend line near 1.1840 and the 200-hour simple moving average near 1.1825.
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