EUR/USD is back below 1.0600

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Source: Dukascopy Bank SA


On Thursday, comments made by the Head Economist of the ECB beat down the value of the EUR/USD, as it was revealed that the ECB is only preparing for rate hikes. By the start of the day's US trading hours, the EUR/USD had reached below the 1.0550 mark, where it encountered support.

A move below the 1.0550 mark might encounter additional support in the 100-hour simple moving average, before approaching the 1.0500 mark. Below the round exchange rate level, note the low level zone at 1.0472/1.0492.

However, a recovery of the Euro against the US Dollar is expected to test the resistance zone at 1.0572/1.0593 and the 200-hour simple moving average. Afterwards, the post-Federal Reserve rate hike high levels could act as resistance at 1.0626/1.0642. Meanwhile, take into account that by large the pair has been ignoring the support and resistance of the weekly simple pivot point at 1.0609 and the 1.0600 mark.
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