EUR/USD experiences sharp decline

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


On Tuesday morning, at 07:00 GMT, the EUR/USD currency pair plummeted from 1.0440 down to 1.0380 in less than 30 minutes. At the time of writing, it appeared that the support zone at 1.0382/1.0385 was being passed.

In general, the exact reason for the drop was unknown. However, note that recent strikes of food producers in the Euro Zone have resulted in fishermen blocking major ports. It could be that the move was initially fueled by the decline in demand for the European currency by the fact that there would be no payments for EU export being exchanged from USD to EUR.

From a technical analysis perspective, the pair might aim at the 2017 low level at 1.0340 and the lower trend line of the channel down pattern, which has been guiding the rate during the recent weeks. Further below note the weekly S1 simple pivot point at 1.0323.

On the other hand, a potential recovery might face the 1.0380/1.0385 zone as resistance, before the rate reaches the 50 and 100-hour simple moving averages near the upper trend line of the channel up pattern at 1.0420.
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