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Since Monday, the currency pair has been trading between a support zone at 1.2980/1.2989 and resistance at 1.3045/1.3055. In the meantime, additional resistance had approached the rate in the form of the 50-hour simple moving average.
At mid-day, the US Consumer Price Index release revealed that the US needs to tighten monetary policy, which caused a drop of the USD. The fundamental event resulted in a move up to the resistance zone at 1.3045/1.3055.
If the rate bounces off the resistance zone at 1.3045/1.3055, the pair might find support in the 50-hour simple moving average at 1.3020, before reaching the 1.3000 mark and the support zone at 1.2980/1.2989.
On the other hand, a move above 1.3055 is set to face resistance of the weekly simple pivot point at 1.3060. Higher above, note the 200-hour simple moving average at 1.3080.
Tue, 12 Apr 2022 13:41:26 GMT
Source: Dukascopy Bank SA
Since Monday, the currency pair has been trading between a support zone at 1.2980/1.2989 and resistance at 1.3045/1.3055. In the meantime, additional resistance had approached the rate in the form of the 50-hour simple moving average.
At mid-day, the US Consumer Price Index release revealed that the US needs to tighten monetary policy, which caused a drop of the USD. The fundamental event resulted in a move up to the resistance zone at 1.3045/1.3055.
If the rate bounces off the resistance zone at 1.3045/1.3055, the pair might find support in the 50-hour simple moving average at 1.3020, before reaching the 1.3000 mark and the support zone at 1.2980/1.2989.
On the other hand, a move above 1.3055 is set to face resistance of the weekly simple pivot point at 1.3060. Higher above, note the 200-hour simple moving average at 1.3080.