EUR/USD respects support zone

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


The 1.0835/1.0840 range has continued to act as support. Meanwhile, the currency exchange rate has respected the combined resistance of the 1.0900 mark and the 200-hour simple moving average.

A decline of the pair below the 1.0835/1.0840 range is most likely going to look for support in round exchange rate levels and areas near them. This is assumed due to the EUR/USD doing so during its June surge from 1.0650 up to 1.1000. Meanwhile, note that weekly simple pivot points are capable of impacting the pair.

In the case of a surge of the Euro against the US Dollar, look at the hourly simple moving averages, which from time to time act as resistance and support. As a moving average is passed it can easily turn from resistance to support and vice versa. A potential surge is expected to encounter resistance in the 1.0930/1.0940 range, before breaking through weekly pivot points and reaching the 1.1000 mark. Above 1.1000, watch the May and April high levels that have acted as resistance.
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