EUR/USD decline continues

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Source: Dukascopy Bank SA


At the start of this week's trading, the global strengthening of the US Dollar continued, as the EUR/USD reached the 0.9550 level. In the meantime, it was noticed that the pair was respecting the resistance of the 0.9700 mark.

A resumption of the decline of the Euro against the US Dollar is highly likely going to look for support in the combination of the weekly S1 simple pivot point at 0.9554 and the 0.9550 mark. Further below, note the 0.9500 and 0.9450 levels.

However, a potential recovery of the Euro is expected to face resistance in the 0.9700 and 0.9750 levels. In addition, take into account the descending 50 and 100-hour simple moving averages.
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