EUR/USD retraces and finds resistance

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


After reaching a new low level at 1.0162, the EUR/USD started a minor recovery. On Thursday morning, the recovery found resistance in the weekly S2 simple pivot point and the 1.0220 level. In the meantime, the pair was being approached by the 50-hour simple moving average.

If the Euro continues to decline against the US Dollar, the pair could look for support in the Thursday's low level at 1.0162 and the 1.0150 mark. It might be the case that the 1.0150 mark is set to act as support with a zone of approximately 10 pip range around it. Further below, note that there is no technical support as low as the weekly S3 simple pivot point at 1.0074.

On the other hand, a potential recovery of the Euro against the US Dollar would have to reach above the weekly S2 simple pivot point, the 1.2220 level and the 50-hour simple moving average. Higher above, note the resistance and support zone at 1.0270/1.0280.
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