EUR/USD passes below support zone

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Source: Dukascopy Bank SA


During the second half of Thursday's trading, the EUR/USD currency exchange rate eventually retreated below the support zone at 1.0875/1.0880. However, the event was not followed by a sharp decline. During the first half of Friday's trading, the currency pair was fluctuating between the support of the 1.0850 mark and resistance of the 50-hour simple moving average near 1.0890.

If the Euro continues to lose value, compared to the US Dollar, the pair might look for support in the weekly S2 simple pivot point at 1.0818 and the March low level zone at 1.0807/1.0820.

On the other hand, a recovery of the European currency versus the Dollar would have to pass the 50-hour simple moving average, before approaching the technical levels at 1.0920/1.0940.
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