EUR/USD finds support in 1.0100

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Source: Dukascopy Bank SA


The EUR/USD currency pair found support in the 1.0100 mark and the weekly S1 simple pivot point at 1.0101.

In the aftermath of starting a minor recovery, the EUR/USD surge was boosted by the head of the US Federal Reserve Jerome Powell. Namely, the Chairman's comments during the press conference after the US 0.75% rate hike caused a broad sell off of the US Dollar, which resulted in a surge of the EUR/USD above 1.0200.

On Thursday morning, the pair passed the 1.0230 level and appeared to be set to test the 1.0260 and 1.0280 levels, which acted as resistance throughout July. Higher above, take into account the 1.0300 mark and the weekly R1 simple pivot point at 1.0301.

On the other hand, a potential decline of the Euro against the US Dollar might look for support first in the 1.0200 mark. Afterwards, the combination of the 100 and 200-hour simple moving averages and the weekly simple pivot point at 1.0190 might act as support.
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