EUR/USD decline finds support at 1.0123

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Source: Dukascopy Bank SA


The decline of the Euro against the US Dollar has continued, as on Tuesday the pair reached the support of the 1.0123 level, which appeared to be once again impacting the rate. Meanwhile, it was spotted that the rate has been declining in a narrow channel down pattern.

A continuation of the decline is set highly likely going to look for support in the 1.0100 mark and the late July low level at 1.0097. Further below, note the lower trend line of the channel down pattern, the weekly S2 simple pivot point and the 1.0050 level.

On the other hand, a recovery of the Euro would face resistance in the form of the 1.0150 level, the weekly S1 simple pivot point at 1.0156 and the upper trend line of the channel pattern. Higher above, note the 1.0200 mark, which is strengthened by the 50-hour simple moving average.
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Tue, 16 Aug 2022 13:14:13 GMT

GBP/USD finds support and breaks pattern

The GBP/USD broke the channel down pattern, before it even approached the 1.2000 mark. Due to that reason, the pair's decline could be considered over. Meanwhile, during Tuesday's trading hours, the pair fluctuated in the 1.2010/1.2060 range. A broad recovery of the Pound against the US Dollar might encounter resistance in the 50-hour simple moving average near 1.2085, the 1.2100 mark,

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