EUR/USD respects pattern's support

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


The EUR/USD has started a recovery from the combined support of the 1.0500 mark and the lower trend line of the channel down pattern. During the early hours of Thursday's US trading, the pair had reached the 1.0570 level.

A potential surge of the pair is expected to face resistance of the 100-hour simple moving average at 1.0570, the weekly S1 at 1.0592 and the 1.0600 mark. Higher above, note the 200-hour simple moving average near 1.0625 and the upper trend line of the descending channel.

On the other hand, a decline of the Euro against the US Dollar could look for support in the combination of the 1.0550 level, the weekly S2 simple pivot point at 1.0543 and the 50-hour simple moving average, before the pair returns to the 1.0500 mark.
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