EUR/USD declines to 1.0500

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Source: Dukascopy Bank SA


On Thursday, the US Dollar strengthened due to better than expected US Unemployment Claims and ADP Non-Farm Employment data. On the EUR/USD chart it resulted in a decline below the 1.0575/1.0595 zone. By the middle of Friday's trading hours, the pair had reached the 1.0500 mark.

A move below 1.0500 level might look for support in the 1.0450 and 1.0400 levels. These levels acted as support in early December. Further below, note the late November low levels near 1.0300.

On the other hand, a recovery of the currency exchange rate is expected to encounter resistance in the weekly S3 simple pivot point at 1.0514. Higher above note the combination of the weekly S2 simple pivot point at 1.0556 and the 1.0550 level.
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