EUR/USD reaches below 1.1050

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Source: Dukascopy Bank SA


During the late hours of Thursday's trading, the Euro declined below the support of the weekly S1 simple pivot point and the 1.1050 mark against the US Dollar. The resistance of the 50-hour simple moving average had pushed the pair down. However, additional pressure downwards was provided by the 100-hour SMA and the resistance of the 1.1100 mark.

If the EUR/USD continues to decline against the US Dollar, the rate would have to clearly pass below the 1.1050 mark. Afterwards, the 1.1000 mark is highly likely going to act as support, before the rate tests the support of the trend line, which connects the February low levels.

On the other hand, a potential recovery of the pair would find resistance at 1.1100 where the 50-hour simple moving average is located at. Higher above, the 1.1107/1.1127 zone could once again act as resistance. Even higher, the 100-hour SMA is located at the 1.1150 mark.
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Thu, 03 Mar 2022 20:03:18 GMT

GBP/USD declines before reaching resistance

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USD/CAD reaches below February low level

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