EUR/USD declines below 1.1000

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Source: Dukascopy Bank SA


The EUR/USD bounced off 1.1080 and declined. By mid-Monday the rate had reached below 1.0980. Meanwhile, the 1.1000 mark was acting as resistance.

A move below 1.0960 and the weekly simple pivot point at 1.0966 could look for support in the 1.0950 level and the 200-hour simple moving average. If the rate passes below 1.0950, the 1.0900 mark could be the target. However, the rate could be slowed down by 1.0940 and 1.0920.

On the other hand, a recovery of the Euro against the US Dollar would face the 1.1000 mark, the 50-hour simple moving average near 1.1020 and the previous high levels.
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