EUR/USD passes below support

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


The 1.0800 mark provided enough resistance to keep the EUR/USD down until the 50-hour simple moving average approached and caused a decline. The rate passed below the 1.0766/1.0771 range. By mid-Tuesday the currency pair was heading to the 1.0700 mark. Note that the 1.0700 level was strengthened by the lower trend line of the channel down pattern.

A potential recovery from the 1.0700 mark could result in the rate approaching the 1.0766/1.0771 range, which might turn into resistance. Higher above, note the 50-hour simple moving average and the round levels of 1.0780 and 1.0800 that have acted as support and resistance.

Meanwhile, an extension of the decline below 1.0700 might result in the EUR/USD plummeting to the weekly S2 simple pivot point at 1.0656.
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