EUR/USD reaches 1.1050 mark

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Source: Dukascopy Bank SA


In the aftermath of the speech made by Jerome Powell about the US monetary policy on Wednesday, the value of the US Dollar declined. On the EUR/USD charts, the event resulted in a surge. By the middle of Thursday's trading hours, the pair had reached and shortly traded above the 1.1050 mark.

If the Euro continues to gain ground against the US Dollar, the pair might encounter resistance first in the weekly R1 simple pivot point at 1.1088. Afterwards, the pair might face the resistance of the March high levels at 1.1095/1.1.1125.

On the other hand, a decline of the pair might look for support in the 1.1000 mark and the 50-hour simple moving average. Further below, note the 100 and 200-hour simple moving averages near 1.0975 and 1.0965.
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