EUR/USD declines after fundamental releases

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


In the aftermath of the US CPI caused EUR/USD bounce, the EUR/USD rate found resistance in the 1.1000 mark. The round level caused a decline, which by mid-Friday had passed below 1.0900.

A continuation of the decline is expected to look for support in the combination of the weekly S2 simple pivot point at 1.0867 and the lower trend line of a channel down pattern. Below these levels, the 1.0800 mark and the weekly S3 at 1.0792 could act as support.

On the other hand, a recovery of the Euro against the US Dollar is highly likely going to encounter resistance in the 1.0900 mark, prior to approaching the combination of the weekly S1 at 1.0942 and the 50-hour simple moving average. Higher above, note the 100-hour SMA and the trend line that connects the recent lower high levels of the pair.
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Fri, 12 May 2023 12:00:32 GMT

GBP/USD finds support in 1.2500

Despite piercing resistance zone above 1.2660, the GBP/USD declined after the week's fundamental events. Eventually, the decline found support in 1.2500 and was observed to be recovering. At mid-Friday, the pair appeared to be encountering resistance in 1.2540. A move above 1.2540 is expected to face resistance in the weekly simple pivot point at 1.2571, the 50, 100 and 200-hour simple

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