EUR/USD recovers back above 1.0500

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Source: Dukascopy Bank SA


On Friday, the US Dollar retraced back down against all peer currencies. On the EUR/USD charts it resulted in a surge above various technical and psychological levels. By the middle of the day's trading, the exchange rate had almost reached the 1.0600 mark. Note that the 1.0600 level could be strengthened by the 100-hour simple moving average.

Meanwhile, the Thursday's low levels have been marked on the chart at 1.0470/1.0480. This low level zone might act as support in the foreseeable future.

A move above the 1.0600 mark by the Euro against the US Dollar could result in a surge to the 1.0650 level and the weekly S2 simple pivot point at 1.0655. Higher above, note the 1.0700 level and the 200-hour simple moving average near 1.0715.

On the other hand, a resumption of the USD surge is expected to first look for support in the 1.0550 level, the weekly S3 simple pivot point and the 50-hour simple moving average at 1.0535. Below these levels note the 1.0500 mark and the 1.0470/1.0480 zone.
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