EUR/USD decline approaches 1.0800

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Source: Dukascopy Bank SA


The decline of the EUR/USD currency exchange rate continues, as on Monday morning the rate approaches the 1.0800 mark. Meanwhile, the pair had passed below the support of the channel down pattern, which has guided the rate since early 2021.

Next support on the pair's charts, below the 1.0800 mark, is the 2020 low level zone at 1.0730/1.0780. In addition, note that the weekly S1 simple pivot point is located in the support zone. Further below, the 1.0700 and 1.0650 levels might act as support levels.

However, a recovery of the Euro against the US Dollar is expected to face resistance at 1.0900. The round exchange rate level has shown to be able to act as support on Friday and as resistance during the early hours of Monday's trading. Higher above, note the 1.0950 mark and the 50-hour simple moving average near it.
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