EUR/USD breaks pattern

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Source: Dukascopy Bank SA


The support of the 1.1400 mark was strong enough on Wednesday morning to cause a breaking of the resistance line, which had guided the rate down since February 4. In addition, the currency exchange rate passed the resistance of the 50 and 100-hour simple moving averages.

If the surge of the Euro against the USD continues, the pair could reach the February high level zone at 1.1472/1.1485. Above the resistance zone, the 1.1500 mark might act as resistance.

On the other hand, a potential decline might look for support in the low level zone near 1.1400, before reaching the weekly simple pivot point at 1.1358.
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Wed, 09 Feb 2022 15:41:25 GMT

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