EUR/USD faces 1.0600/1.0620 resistance

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Source: Dukascopy Bank SA


The EUR/USD is facing the resistance of the 1.0600/1.0620 zone. The zone has previously acted as support and resistance.

A bounce off from the 1.0600 level is expected to result in the rate looking for support in the 1.0560 level and the 50-hour simple moving average. Below this level, it is highly likely that the rate could stop at the combination of the 100 and 200-hour simple moving averages, and the weekly simple pivot point at 1.0545. Further below, take into account the 1.0500 mark.

However, in the case of the 1.0600/1.0620 range failing to hold, a potential EUR/USD surge could be slowed down by the weekly R1 at 1.0639. Higher above, note the combination of the 1.0700 mark and the weekly R2 simple pivot point at 1.0695.
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