EUR/USD bounces off resistance

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


After declining below 1.0900/1.0920 range, the EUR/USD returned to the range and confirmed it as resistance at mid-Monday. The event was followed up by a decline that during the first half of Tuesday had reached the 1.0840 level.

In general, the pair could soon consolidate due to the upcoming United States Federal Reserve rate hike that is scheduled for late Wednesday. Markets need to see what the US monetary policy makers decide and comment in regards to USD base interest rates.

If the rate declines due to a strengthening of the USD, watch the weekly S2 and S3 simple pivot point s at 1.0817 and 1.0761. In addition, the 1.0800 mark could turn into support. A major decline below these levels might look for support in the 1.0700 level.

However, a potential recovery of the Euro against the US Dollar might be slowed down by the 1.0850 level and the weekly S1 simple pivot point. Higher above, note the combination of the 50-hour simple moving average and the 1.0880 level. If these levels fail to hold, the 1.0900/1.0920 range and the 100 and 200-hour simple moving averages and the weekly simple pivot point are expected to provide resistance.
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