EUR/USD respects moving averages

Note: This section contains information in English only.
Source: Dukascopy Bank SA


On Friday, the EUR/USD booked a new low level by reaching below October low levels. Namely, the pair touched the 1.1514 zone. However, the touching of a low level was followed up by a recovery to the hourly simple moving averages above the 1.1550 mark.

By the middle of Monday's European trading, the pair had reached above the resistance of the 50 and 100-hour simple moving averages and the weekly simple pivot point at 1.1567.

Next target for the recovery of the EUR/USD was the 200-hour simple moving average, which was located at the 1.1590 level. Above the SMA, the resistance zone of the last week's high at 1.1615/1.1625 and the weekly R1 simple pivot point at 1.1620 might keep the EUR/USD down.

On the other hand, a decline of the rate could find support in the 100-hour SMA at 1.1570, the weekly simple pivot point at 1.1566 and the 50-hour SMA at 1.1555. Below these levels, the October low levels might once again act as support.
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