EUR/USD trades around 1.0900

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Source: Dukascopy Bank SA


Since the start of Wednesday's trading, the EUR/USD has been fluctuating between a resistance zone at 1.0940 and support near 1.0880. However, at mid-day on Thursday, the 1.0880 mark was pierced, as the rate shortly traded below it. Meanwhile, it was observed that the 50-hour simple moving average had caught up with the pair from above and was acting as resistance.

If the Euro declines against the US Dollar clearly below the 1.0880 mark, the rate would have no technical support as low as the weekly S2 simple pivot point at 1.0818 and the March low level zone at 1.0807/1.0820.

Meanwhile, a move upwards by the pair is expected to face some resistance in the form of the 50-hour simple moving average, before approaching the 1.0935/1.0940 zone. Above 1.0940, note the 1.0945/1.0970 zone and the 100-hour simple moving average.
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