EUR/USD respects support line

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


The pair has continued to decline, as it is pushed by the resistance of the 50 and 100-hour simple moving averages. Meanwhile, support continues to be found in a descending trend line. At the start of a new month, the trend line acted as support.

A recovery of the currency pair is set to face resistance in the 50-hour simple moving average near 1.0760. Higher above, note the descending 100-hour SMA near 1.0780 and the strong resistance and support zone at 1.0800. In the meantime, the weekly simple pivot points do not appear to be capable of impacting the EUR/USD.

If the Euro declines against the US Dollar, it is highly likely that the rate will be slowed down by the descending trend line, before the 1.0700 mark is reached.
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