EUR/USD pierces last week's high

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


On Monday morning, as the month started, the EUR/USD currency pair pierced the last week's high levels near 1.2060. In the meantime, it was spotted that the pair has been moving upwards in a wide channel up pattern since July 27. However, note that the pattern captures both the US Federal Reserve rate hike and the publication of the US GDP, which revealed that the US are in a recession.

If the Euro continues to recover against the US Dollar, the currency pair might encounter resistance in the combination of the 1.0280 level, the upper trend line of the channel up pattern and this week's weekly R1 simple pivot point at 1.0290. Higher above, the 1.0300 mark is expected to act as resistance.

On the other hand, a decline of the EUR/USD could look for support in the 1.0240 and 1.0220 levels, prior to reaching the strong support of the 1.0200 mark, which is strengthened by the 50 and 200-hour simple moving average and the weekly simple pivot point.
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Mon, 01 Aug 2022 09:18:55 GMT

GBP/USD again approaches 1.2250

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USD/CAD finds support in 1.2800 mark

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