EUR/USD reaches below 1.0800

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


The EUR/USD appears to have waited the Federal Reserve announcement in the range between 1.0800 and 1.0850 with some price action being caused by the 1.0825/1.0830 range and the release of the European CPI. However, the top event still was the Fed. After the Fed not announcing anything new, the EUR/USD has picked a direction.

On Thursday, the currency pair declined and passed below the 1.0800 mark. However, the decline found support in the 1.0780 level and afterwards broke the potential resistance of the prior support of 1.0800.

If the recovery of the EUR/USD continues, the rate is expected to encounter resistance first in the combination of the 50-hour SMA and the weekly S1 simple pivot point at 1.0820. Above these technical levels, the 1.0825/1.0830 range and the 100-hour SMA are set to act as resistance. If these levels fail, the 1.0840/1.0850 range and the 200-hour SMA will come into play.

However, in the case of the pair resuming the prior decline, support might be found in the previously failed 1.0800 mark, the weekly S2 at 1.0784 and the 1.0780 level, before the rate reaches the 1.0745/1.0760.
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