EUR/USD finds support in low level trend line

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Source: Dukascopy Bank SA


At mid-day on Friday, the EUR/USD currency exchange rate was finding support in the trend line, which connects the week's low levels. Meanwhile, it was spotted that the hourly simple moving averages could shortly impact the currency pair.

If the currency pair declines below the supporting trend line, the 100-hour simple moving average and the 1.1350 mark, a potential decline would have no support as low as the 1.1300 mark and the 1.1298 level, where the weekly S1 simple pivot point was located at. However, take into account that the 1.1300 level was passed on Monday, and the 1.1280 level acted as support.

However, a recovery of the Euro against the US Dollar would have to pass the resistance of the 50-hour simple moving average at 1.1368 and the 200-hour SMA near 1.1380, before aiming at the weekly simple pivot point at 1.1397 and the 1.1400 mark.
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Fri, 18 Feb 2022 12:37:03 GMT

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