EUR/USD breaks resistance levels

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Source: Dukascopy Bank SA


The 200-hour simple moving average's support held, and the EUR/USD began a surge. The surge managed to break the resistance of the high level zone near 1.1620 and the weekly R1 simple pivot point at 1.1644. During the early hours of Tuesday's trading, the rate had reached the 1.1660 level.

A potential continuation of the surge would most likely face resistance at 1.1685 where the weekly R2 simple pivot point could slow down the surge. Above the pivot point, the 1.1700 mark and a 61.80% Fibonacci retracement level might provide additional resistance.

On the other hand, a decline might find support first in the weekly R1 simple pivot point at 1.1644 before possibly finding support in the previous high level zone at 1.1620. In addition, note that the 1.1620 mark could be strengthened by the 55, 100 and 200-hour simple moving averages.
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Tue, 19 Oct 2021 08:55:07 GMT

GBP/USD surges despite breaking pattern

The GBP/USD passed the support of the channel up pattern. However, as the rate approached the 55-hour simple moving average and the 1.3710 level, a recovery began. By the start of Tuesday's European trading hours, the pair had almost reached the 1.3800 mark. If the rate finds resistance at the 1.3800 mark, it could either trade sideways below it or decline.

Tue, 19 Oct 2021 05:54:51 GMT

USD/CAD decline likely to continue

On Monday, the US Dollar declined by 42 pips or 0.34% against the Canadian Dollar. The currency pair breached the 50– hour simple moving average during yesterday's trading session.

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