EUR/USD bounces off resistance zone

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Source: Dukascopy Bank SA


The EUR/USD has bounced off the resistance zone at 1.0930/1.0950. The event was followed by a sharp decline on Tuesday morning. By mid-day, the rate had passed below the support of the 1.0900 mark and the combination of the 50 and 100-hour simple moving averages and the weekly simple pivot point at 1.0890.

An extension of the ongoing decline is expected to look for support in the low level zone at 1.0835/1.0845. However, note that the rate had paused and reversed its direction twice at the 1.0860 mark.

On the other hand, a recovery of the Euro against the US Dollar would have to pass the technical levels near 1.0890 and the 1.0900 mark, before approaching the 1.0930/1.0950 range.
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Tue, 22 Aug 2023 12:02:41 GMT

GBP/USD respects 1.2800 level

On Tuesday morning, the GBP/USD pierced the resistance of the 1.2782/1.2792 range. However, the 1.2800 stopped the rate and forced it back down to the 1.2760 level. An extension of a retracement downwards is expected to look for support at two levels. First is the combination of the 50 and 100-hour simple moving averages near 1.2750. Further below, take into

Tue, 15 Aug 2023 19:04:29 GMT

Gold continues its descent

The price for gold has continued to decline, as support levels turn into resistance and new low levels are reached. On Tuesday, the commodity shortly traded below the 1,900.00 mark. However, support was found in the lower trend line of the broader channel down pattern. An extension of the ongoing decline is set to look for support in the 1,900.00

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