EUR/USD books new monthly high

Note: This section contains information in English only.
Source: Dukascopy Bank SA


The EUR/USD reacted to the publication of the US Consumer Price Index by being highly volatile in the 1.1375/1.1500 range. On Friday morning, the volatility was gone and the pair declined below the 1.1375 mark, before retracing to the 1.1400 level. At mid-day, it appeared that the 1.1400 mark was acting as resistance.

If the pair reaches above the 1.1400 level, it could encounter resistance in the 50 and 100-hour simple moving averages at 1.1420. Higher above, the EUR/USD might test the resistance of the February high levels at 1.1472/1.1496.

On the other hand, a decline of the pair would need to pass the 200-hour simple moving average, which was approaching the pair from below. Below the SMA, the weekly simple pivot point at 1.1358 and the 1.1350 mark might stop the EUR/USD.
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