EUR/USD finds support in moving average

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Source: Dukascopy Bank SA


On Thursday morning, the EUR/USD found support in the 200-hour simple moving average near 0.9755. The support was enough to cause a retracement to the combined resistance of the levels near 0.9800. Namely, the 0.9800 mark, the 100-hour SMA and the 50-hour SMA were located at 0.9795/0.9810.

A breaking of the resistance zone at 0.9795/0.9810 could result in a surge up to the this week's high level zone near 0.9865/0.9875. Higher above, note the 0.9900 mark and the weekly R2 simple pivot point at 0.9897.

Meanwhile, a decline of the Euro against the US Dollar might once again look for support in the 200-hour simple moving average and the 0.9760 level. Below these levels, the weekly simple pivot point at 0.9719 and the 0.9707/0.9715 zone could act as support.
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