EUR/USD reveals resistance zone

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Source: Dukascopy Bank SA


The EUR/USD has revealed support and resistance zones. Support is being found at the 1.0840 level. Resistance is provided by the 1.0930/1.0940 range. On Monday, the pair was testing the resistance zone. Meanwhile, the rate ignored the 50, 100 and 200-hour simple moving averages and the weekly simple pivot point.

A move above 1.0940 could be slowed down by the weekly R1 simple pivot point at 1.0979, before the pair reaches the 1.1000 mark and the June 22 high at 1.1012.

However, a decline of the Euro against the US Dollar could first look for support in the 1.0870 level. This level acted as support on Monday morning. Further below, the 1.0840 level and the weekly S1 simple pivot point are highly likely set to stop the rate's decline.
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