EUR/USD approaches 0.9800

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Source: Dukascopy Bank SA


The EUR/USD was highly volatile during the release of the Federal Reserve rate and follow up press conference. The high volatility ended with the pair declining. At midnight to Thursday, the pair reached the 0.9808 level. During the morning hours, the pair was expected to look for support in the 0.9800 mark and the weekly S2 simple pivot point.

A move below the 0.9800 level could look for support in the 0.9750 and 0.9700 levels, prior tor reaching the 0.9650 and the weekly S3 simple pivot point at 0.9654.

However, a recovery of the pair would most likely encounter resistance in the previous September low level zone at 0.9865/0.9875. Higher above, note the 0.9900 level, the weekly S1 simple pivot point and the 50-hour simple moving average.
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