EUR/USD finds resistance in SMAs

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Source: Dukascopy Bank SA


The recovery of the EUR/USD has reached the resistance of the technical levels that are spread out from 1.1597 to 1.1616. At mid-day on Tuesday, the rate was finding resistance in the 100-hour simple moving average at 1.1610.

If the EUR/USD passes the resistance of the 100-hour SMA, it would immediately face the resistance of the 200-hour SMA at 1.1616. Above the SMA, the weekly R1 simple pivot point at 1.1658 might act as a resistance level.

On the other hand, a decline of the rate would first need to pass the support of the weekly simple pivot point at 1.1597, the 55-hour simple moving average and the support zone of 1.1585/1.1590. Below these levels, the rate might find support in the Friday low level at 1.1535.
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Tue, 02 Nov 2021 13:34:38 GMT

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