EUR/USD recovery reaches above 1.0600

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


On Wednesday, the EUR/USD reached the combined resistance of the weekly R1 simple pivot point at 1.0629 and the 100 and 200-hour simple moving average. Afterwards, the pair was finding support in the 1.0575/1.0595 zone.

At 19:00 GMT the US Federal Reserve Meeting Minutes were released, which revealed that the Fed is not considering any rate cuts in 2023. In theory, the US Dollar should have surged and the EUR/USD declined. However, there was no initial reaction.

In the case of a surge above the resistance levels near 1.0630/1.0640, the pair might reach for the weekly simple pivot point at 1.0671.

On the other hand, a decline of the Euro against the US Dollar would have to pass the support of the 1.0575/1.0595 zone, before approaching the weekly S2 simple pivot point at 1.0556 or the Tuesday's low at 1.0520.
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Wed, 04 Jan 2023 19:29:07 GMT

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