EUR/USD finds support and recovers

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


On Monday, the EUR/USD found support in the 1.1285/1.1287 zone. The zone has been acting as support since early January 6 trading hours. By the middle of Tuesday's trading hours, the rate had recovered and encountered resistance at the 1.1350 level.

At the start of US trading hours at 14:30 GMT, the pair had retreated to the 1.1320 level. The 1.1320 mark was acting as support due to the 100 and 200-hour simple moving averages located at this level.

If the currency exchange rate declines below the 1.1320 level, the EUR/USD might find support in the 1.1300 level and the weekly S1 simple pivot point at 1.1297. Below the pivot point, the 1.1285/1.1287 zone could once again stop a decline.

Meanwhile, a recovery of the Euro against the US Dollar would aim at the 1.1350 mark, before aiming at the 1.1365 mark, which acted as resistance on Friday. In the meantime, note that the weekly simple pivot point at 1.1339 was being ignored.
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Tue, 11 Jan 2022 15:07:02 GMT

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