EUR/USD tests resistance zone

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


The EUR/USD was approaching the support of the 1.0750 level, as a surge started. The surge was caused due to a broad decline of the US Dollar, which was caused by a strengthening of the Japanese Yen. On the EUR/USD charts it resulted in a test and failure at passing the resistance zone at 1.0865/1.0875.

At mid-day on Wednesday, the pair started a decline, which could look for support in the combination of the 50 and 100-hour simple moving averages near 1.0820. Further below note the 1.0800 mark, the weekly simple pivot point at 1.0779. In the case of the rate passing these levels, the combination of the 1.0750 level and the 200-hour simple moving average might stop a decline.

On the other hand, a surge of the Euro against the US Dollar would once again face the 1.0865/1.0875 zone. The zone has held since January 12 and has caused four bounce offs from it.
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