EUR/USD respects 1.0420 level

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


The EUR/USD started the week by surging above a resistance zone at 1.0415/1.0420 and afterwards confirming it as support.

In the near term future, a potential continuation of the surge of the Euro against the US Dollar could encounter resistance in the combination of the weekly simple pivot point at 1.0451, the 100-hour simple moving average and the 1.0450 level. Higher above, take into account that the late April and early March support zone at 1.0472/1.0492 might turn into resistance.

However, a decline of the currency exchange rate is highly likely to look for support in the 50-hour simple moving average and the 1.0400 mark, before approaching the last week's low level zone at 1.0350/1.0355.
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