EUR/USD returns to previous range

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Source: Dukascopy Bank SA


The EUR/USD plummeted as higher than expected US inflation was revealed at mid-day on Thursday. However, as an hour passed and the US markets opened, the US Dollar declined against all assets. On the pair's charts it resulted in a surge to the resistance of the 0.9800 level.

The round level acted as resistance and by mid-Friday the pair was back below 0.9750. However, the pair appeared to be finding support in the 100-hour simple moving average near 0.9720.

A move below 0.9720 could look for support in the 0.9670/0.9680 zone, the 0.9650 mark and the weekly S1 simple pivot point at 0.9643. However, these levels did not stop the Thursday's fundamental drop. Below these levels, take into account the 0.9600 level.

On the other hand, a recovery of the Euro against the US Dollar might face resistance in the 0.9750 level, before approaching the 200-hour simple moving average and the 0.9800 mark.
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