EUR/USD decline reaches below 1.0800

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Source: Dukascopy Bank SA


Since last week, the US Dollar has continued to strengthen due to the good GDP data giving the needed push. On the EUR/USD charts by mid-Wednesday it had resulted in a decline below 1.0800.

An extension of the ongoing decline could look for support in the 1.0750 level or the weekly S2 simple pivot point at 1.0720, before the pair reaches the 1.0700 mark.

On the other hand, a recovery of the Euro against the US Dollar is set to face resistance in the weekly S1 simple pivot point at 1.0799, the 1.0800 mark and the descending 50-hour simple moving average. A move above these levels is likely to encounter resistance in the 1.0850 level and the 100-hour simple moving average.
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