EUR/USD remains near 1.0850

Note: This section contains information in English only.
Source: Dukascopy Bank SA
The EUR/USD has been trading around the 1.0850 mark for most of the week, as it has been bounced around by US data releases. Meanwhile, the pair has revealed a new support and resistance range at 1.0825/1.0830.

On Friday, the rate was finding support in the 1.0840/1.0850 range and minor resistance was provided by the 100-hour simple moving average. However, by mid-day the SMA was broken.

Economic Calendar Analysis



This week's notable events are over. Next week, there is nothing notable scheduled until Tuesday.

EUR/USD hourly chart analysis

Due to the passing above the 100-hour simple moving average, the rate is expected to soon approach and test the resistance of the 1.0870/1.0880 zone and the 200-hour simple moving average. If these levels fail, the rate might approach the 1.0900 mark.

In the case of a potential decline of the EUR/USD support will be provided by the 50-hour simple moving average and the 1.0840/1.0850 range. Below this range, the 1.0825/1.0830 is expected to once again act as support, before the rate reaches 1.0800.

Hourly Chart

EUR/USD daily chart's review

On the daily candle chart, the pair's recovery has managed to break the resistance of the 50, 100 and 200-day simple moving averages.

A move higher could encounter resistance at previous resistance levels that are near round exchange rate levels. If all of these levels fail, the 1.1130/1.1200 zone will come into play.

In the case of a decline of the pair, it would have to reach below the SMAs, before looking for support in the 1.0635/1.0700 range.

Daily chart




Traders go short

On Wednesday, Dukascopy traders were bearish on the EUR/USD, as 54% of open position volume was in short positions.

Meanwhile, pending orders in the 100-pip range around the current rate are 52% to sell the Euro against the US Dollar.

On Friday, the open positons were 57% short and pending orders were 51% to sell.

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