EUR/USD trades around 0.9700

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Source: Dukascopy Bank SA


The EUR/USD currency pair has been trading around the 0.9700 mark since the early hours of Monday's trading. However, on Tuesday morning, the pair shortly fluctuated at a new weekly low near 0.9670. In general, it could be possible that the rate remains almost flat until the US inflation data is released later in the week.

An extension of the ongoing decline of the currency pair could look for support in the 0.9650 level and the weekly S1 simple pivot point at 0.9643. Further below, take into account the 0.9600 level that might stop a decline, before the September low level zone and the weekly S2 simple pivot point at 0.9549 could keep the EUR/USD up.

On the other hand, a recovery of the rate would face the 50-hour simple moving average near 0.7720. Higher above, the rate is expected to encounter resistance in the 0.9750 level and the zone below it.
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