EUR/USD breaks pattern

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


The EUR/USD currency exchange rate has passed below the 1.0700 mark. However, the event did not result in a broader decline, as the pair started to trade sideways. By mid-Friday the EUR/USD had bounced around the 1.0700 mark and broken the channel down pattern by remaining almost flat.

In the case of a proper move below 1.0700 the EUR/USD would be looking for support in the weekly S2 at 1.0656, before the rate reaches 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 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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Fri, 08 Sep 2023 11:25:36 GMT

GBP/USD respects pattern

The GBP/USD bounced off the combined support of the weekly S2 at 1.2447 and the lower trend line of the channel down pattern. During the early hours of Friday's trading, the pair reached the upper trend line of the pattern near 1.2500 and appeared to have resumed the broader decline. A continuation of the Pound's decline against the US Dollar

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