EUR/USD surges on Tuesday morning

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


On Tuesday morning, the EUR/USD ended its sideways trading around the 1.0200 mark with a surge. By 09:00 GMT, the rate had reached the 1.2050 mark.

In the meantime, the markets were expecting the US Consumer Price Index release on Wednesday at 12:30 GMT. In general, it was expected that the whole financial markets will remain near previous levels until the CPI is released. Afterwards, markets will adjust to the CPI.

A surge of the Euro against the USD, might encounter resistance in the weekly R1 simple pivot point at 1.0277, prior to approaching the 1.0300 mark. Higher above, note the 1.0350 level and the weekly R2 simple pivot point at 1.0371.

Meanwhile, a potential decline of the currency exchange rate could look for support in the 1.0200 mark and the combination of the weekly simple pivot point together with the 50, 100 and 200-hour simple moving averages. Further below, note the weekly S1 simple pivot point at 1.0105 and the support zone at 1.0095/1.0115.
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