EUR/USD recovery faces 200-hour SMA

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


The EUR/USD recovery has reached above the 1.0530 level and the 100-hour simple moving average. The 100-hour SMA was keeping the rate down on Wednesday. On Thursday, the rate reached the resistance of the 200-hour SMA near 1.0540.

A move above the 200-hour SMA near 1.0540, would highly likely result in the pair testing the resistance of the weekly simple pivot point at 1.0571 and the upper trend line of the channel down pattern.

On the other hand, a bounce off from the moving average could result in the rate looking for support in the 50 and 100-hour simple moving averages and the 1.0500 mark. Further below, note the weekly S1 simple pivot point at 1.0486 and the 1.0450 mark that caused the recent recovery.
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