EUR/USD respects pivot point

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


The surge of the Euro against the US Dollar has encountered resistance in the weekly R1 simple pivot point at 1.0892. During Wednesday's London trading hours, the pair was declining and looking for support.

Support could be found by the rate in the 1.0850 mark which is strengthened by the 200-hour simple moving average. In addition, the 50-hour SMA might soon catch up with the rate. In the case of a move below 1.0850, take into account the 1.0835/1.0845 range, the weekly simple pivot point at 1.0829 and the 100-hour simple moving average.

If the Euro resumes its surge against the US Dollar due to any reason, the rate would have to pass the resistance of the weekly R1 at 1.0892 and the 1.0900 mark, before new highs are reached.
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