EUR/USD recovery approaches 1.1000

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Source: Dukascopy Bank SA


On Wednesday morning, the EUR/USD currency exchange rate clearly passed the resistance of the 1.0950 level and the 100-hour simple moving average. However, resistance was almost immediately encountered in the form of the weekly simple pivot point at 1.0995 and the 1.1000 mark.

If the EUR/USD surges above the 1.1000 mark, resistance could be found in the 1.1050 level and the 200-hour simple moving average. A move above these levels might find resistance in the 1.1100 mark or the weekly R1 simple pivot point at 1.1126.

However, a decline of the pair would look for support in the 1.0950 mark, the 100-hour simple moving average near 1.0935 and the zone at 1.0924/1.0942.
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Wed, 09 Mar 2022 12:17:51 GMT

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