EUR/USD drops on Thursday

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


On Wednesday, the EUR/USD passed the resistance of the hourly simple moving averages. However, the rate encountered resistance in the 1.1616/1.1625 zone, which had previously impacted the rate throughout October. At midnight to Thursday, the pair started to plummets. By the middle of the day's European trading hours, the EUR/USD had declined by more than 70 base points.

In the near term future, the pair could reach and look for support in the October 29 low level at 1.1535. In the case that the rate passes the 1.1535 level, it might reach the 1.1500 mark and the weekly S1 simple pivot point.

On the other hand, a recovery from the 1.1535 level is highly likely going to encounter resistance in the 50, 100 and 200-hour simple moving averages, the weekly simple pivot point in the 1.1585/1.1600 range. Above this range, the 1.1616/1.1625 zone could one again reverse the surge of the EUR/USD.
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