EUR/USD continues decline

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


As the markets switch to the safety of the US Dollar due to a possible US government default, the EUR/USD has continued to decline. By mid-Thursday, the currency pair had passed below the weekly S1 simple pivot point and reached the 1.0720 level.

An extension of the ongoing decline might look for support in the 1.0700 mark. Further below, note the weekly S2 simple pivot point at 1.0678 and the combination of the weekly S3 and the 1.0600 mark.

However, a potential recovery of the Euro against the US Dollar is expected to face resistance in the weekly S1 at 1.0740 and the combination of the 50-hour SMA and the prior support zone at 1.0760. Higher above, take into account the 100-hour SMA and the 1.0800 mark.
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Thu, 25 May 2023 10:06:50 GMT

GBP/USD reaches below support

The GBP/USD currency pair shortly traded below the 1.2340 level on Thursday morning. However, the event was followed by a recovery up to the 50-hour simple moving average and the 1.2390/1.2395 zone. A bounce off from the combination of the 50-hour SMA, the 1.2390/1.2395 range and the 1.2400 mark would result in the pair declining back to the 1.2340 level,

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