EUR/USD drops below support

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Source: Dukascopy Bank SA


The EUR/USD did not wait until the publication of the US Federal Reserve rate or the ECB rate, as on Tuesday morning the pair declined. Namely, the pair reached below the 1.0835/1.0840 range and approached the 1.0800 mark.

An extension of the decline of the Euro against the US Dollar might look for support in the 1.0800 mark and the weekly S2 simple pivot point at 1.0782. Further below, note the weekly S3 simple pivot point at 1.0729.

On the other hand, a recovery of the currency exchange rate would most likely face resistance in the 1.0835/1.0840 zone. Higher above, note the 1.0860 level and the spread out 50, 100 and 200-hour simple moving averages and the weekly simple pivot point in the 1.0865/1.0880 range.
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