EUR/USD declines below 1.0500

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Source: Dukascopy Bank SA


The surge of the US Dollar, which was caused by the US Consumer Price Index release on Friday, continued on Monday. By the middle of the day's European trading hours, the EUR/USD had passed below the support of the 1.0500 mark and reached 1.0470.

A continuation of the move downwards could look for support in the 1.0450, 1.0400 and 1.0350 levels and the weekly S1 simple pivot point at 1.0422, before once again approaching the 2017 low level at 1.0340.

Meanwhile, a potential recovery of the Euro against the US Dollar is set to encounter resistance in the 1.0500 mark. Higher above, take into account the 1.0550 level and the approaching 50-hour simple moving average.
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