EUR/USD surge reaches pivot point

Note: This section contains information in English only.
Source: Dukascopy Bank SA


Due to a broad decline of the US Dollar, the EUR/USD rate has reached a new high level at 1.0448. At that level, the combined resistance of the 1.0450 mark and the weekly R1 simple pivot point at 1.0446 caused a retracement downwards. By the middle of Thursday's European trading hours, the rate had reached the 1.0400 mark.

An extension of the decline below 1.0400 might look for support in the 1.0350 mark, the weekly simple pivot point at 1.0359 and the approaching 50, 100 and 200-hour simple moving averages. Further below, note the 1.0300 mark, which acted as support on Wednesday morning.

A recovery from the 1.0400 mark is set to once again test the weekly R1 simple pivot point at 1.0446 and the 1.0450 level. Higher above, note the 1.0500 mark.
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