EUR/USD respects moving averages

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


The EUR/USD made an attempt to surge, prior to the Friday's US employment release. However, it encountered resistance in the 100-hour simple moving average. Afterwards, the US data publication caused a decline below 1.0740, but it was followed by a recovery to the resistance of the 50-hour simple moving average.

On Monday, the combined resistance of the 50 and 100-hour SMAs pushed the pair through the 1.0752/1.0759 range down to the 1.0740 level.

In the case of a move below 1.0740, the rate could look for support in the 1.0700 mark and the weekly S1 simple pivot point at 1.0690.

On the other hand, a potential recovery of the Euro against the US Dollar is set to face the 1.0752/1.0759 range as resistance. Above the zone, note the descending 50 and 100-hour simple moving averages near 1.0770. Even higher above, take into account the 1.0800 mark and the weekly simple pivot point at 1.0793.
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