EUR/USD encounters resistance in pivot point

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


The surge of the Euro, which was caused by the ECB, continued on into Tuesday's trading. During the early hours of the day, the EUR/USD reached the resistance of the weekly R2 simple pivot point at 1.0737.

A move above the pivot point would highly likely encounter resistance in the 1.0750 and 1.0800 levels, before reaching the upper trend line of the channel up pattern, which has guided the rate since May 12.

On the other hand, a potential decline of the pair could look for support in the 1.0700 level. Further below, the 1.0650 mark and the weekly R1 simple pivot point at 1.0649 might stop a decline.
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