EUR/USD bounces off from 1.0875/1.0885

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Source: Dukascopy Bank SA


On Monday the pair was once again approaching the 1.0875/1.0885 range. The range held and caused another decline of the pair that on Wednesday reached below the combination of the hourly moving averages and the weekly simple pivot point.

If the pair recovers, it might face resistance combination of the 50, 100 and 200-hour simple moving averages and the weekly simple pivot point at 1.0835/1.0850. Aftereards, a move above the 1.0875/1.0885 range and the weekly R1 simple pivot point at 1.0885 is expected to encounter resistance in the 1.0900 mark. Higher above, the weekly R2 at 1.0925 could act as resistance.

In the case of a further decline, note that the 1.0820 and 1.0810 levels have acted as support. In addition, the weekly S1 might stop a decline at 1.0806. If these levels fail, the 1.0800 could once again come into play.
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Wed, 29 May 2024 14:35:07 GMT

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