EUR/USD declines below support zone

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Source: Dukascopy Bank SA


The EUR/USD has passed below the support zone at 1.0840. However, the event did not result in a decline. It was observed throughout Wednesday that the pair was fluctuating in the 1.0815/1.0855 range without a clear future direction. Meanwhile, the 50 and 100-hour simple moving averages were approaching the currency pair from above.

In the case of a decline, the pair might find support in the 1.0800 mark, before approaching the weekly S1 simple pivot point at 1.0789.

On the other hand, a surge of the Euro against the US Dollar is set to test the resistance of the 50 and 100-hour simple moving averages at 1.0860 and 1.0870. Higher above, note the 1.0900 mark and the technical resistance levels in the 1.0920/1.0940 range.
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