EUR/USD returns to trade below 1.1000

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Source: Dukascopy Bank SA


In the aftermath of the failed attempt to surge above the 1.1100 mark on Thursday, the EUR/USD began a decline. By the middle of Monday's trading, the rate had declined, found support in the 1.0900 level and recovered to the resistance of the 50, 100 and 200-hour simple moving averages near 1.0965/1.0975.

If the Euro manages to continue the recovery against the USD, the rate would have to pass the resistance of the hourly simple moving averages and the 1.1000 mark. A move above the 1.1000 could encounter resistance at 1.1050, before approaching the weekly R1 simple pivot point at 1.1088 and the 1.1100 level.

On the other hand, a decline of the pair is expected to look for support in the 1.0900 and 1.8500 levels, prior to approaching the March low levels near 1.0808/1.0823.
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