EUR/USD respects moving averages

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


The EUR/USD eventually passed below the support of the 100-hour simple moving average near 1.0490 and the weekly simple pivot point at 1.0456. However, on Wednesday morning, the pair found support in the 200-hour simple moving average near 1.0440. In addition, it appears that the 1.0450 level acted as support.

By the middle of Wednesday's trading, the rate had recovered and was finding resistance in the combination of the 50 and 100-hour simple moving averages and the 1.0500 mark.

A move above 1.0500 might encounter resistance in the 1.0550 level. However, the EUR/USD previously ignored this level. It is more likely that the pair approaches the 1.0600 mark.

Meanwhile, a potential decline of the pair is once again set to look for support in the weekly simple pivot point at 1.0456, the 1.0450 level and the 200-hour simple moving average near 1.0445. Further below, note that the 1.0400 mark or the weekly S1 simple pivot point at 1.0367 could act as support.
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Wed, 07 Dec 2022 11:26:42 GMT

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