EUR/USD remains above 1.0700

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Source: Dukascopy Bank SA


Despite the surge that was caused by the release of the better than forecast US ISM Services PMI, the EUR/USD has remained above the 1.0700 mark. However, on Thursday the rate was approached by the additional resistance of the 50-hour simple moving average, which could push the rate down.

A move below 1.0700 could result in the EUR/USD looking for support in the weekly S2 at 1.0656, before the rate reaches the combination of the channel down pattern's lower trend line and the 1.0600 mark.

On the other hand, a sudden strengthening of the Euro against the US Dollar would face resistance in the combined resistance of the 50-hour simple moving average, the upper trend line of the channel pattern and the weekly S1 simple pivot point at 1.0714. Higher above, note the 1.0766/1.0771 range and the 100-hour simple moving average.
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