EUR/USD finds support in 1.0500

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Source: Dukascopy Bank SA


The decline of the EUR/USD continued, as the Dollar strengthened throughout the week. Eventually, the 1.0500 mark was reached that acted as support. However, the support was not enough to create a broader recovery, as the 1.0600 mark started to act as resistance.

In the meantime, the 50 and 100-hour simple moving averages revealed that they are capable of impacting the currency pair. Although, by this week, both levels were passed. Due to this reason, it was expected that the SMAs could act as resistance.

The ongoing surge would have to break the weekly simple pivot point at 1.0588 and the 1.0600 mark, before approaching the next resistance levels. Note the descending 200-hour simple moving average that is located near the 1.0650 mark and the impact range that surrounds this level. If these levels fail, the weekly R1 simple pivot point at 1.0679 and the 1.0680 level are expected to act as resistance.

On the other hand, a decline might first find support in the combination of the 50 and 100-hour simple moving averages near 1.0550. If the moving averages fail, the 1.0500/1.0520 range is almost certainly going to keep the pair up. If the 1.0500 fails, the 1.0450 level and the weekly S1 simple pivot point could slow down the EUR/USD, before it reaches the 1.0400 mark.
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