EUR/USD trades sideways

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


Throughout the week, the EUR/USD has been trading in a hundred base point range between a support zone at 1.0472/1.0491 and resistance at 1.0572/1.0593. The sideways trading was explained by the markets expecting the Federal Reserve Rate Hike on Wednesday at 18:00 GMT.

As the rate hike occurred, the EUR/USD reacted with a 37 point move upwards, which hit the resistance zone. Afterwards, the Federal Reserve hosted a press conference, during which the pair started a decline.

A continuation of the decline of the Euro against the US Dollar is set to look for support in the 1.0472/1.0491 zone. Further below, take into account the weekly S1 simple pivot point at 1.0403 and the 1.0400 mark.

On the other hand, a recovery of the rate would face the resistance zone at 1.0572/1.0593 and the 200-hour simple moving average, before reaching the 1.0600 mark and the weekly simple pivot point at 1.0609.
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