EUR/USD returns below 1.0950

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


On Wednesday, at 13:30 GMT, the United States Bureau of Economic Analysis published the US Preliminary Gross Domestic Product data. The markets expected the US GDP to have increased by 5.0% on a quarter to quarter basis. However, the actual number turned out to be 5.2%.

The news strengthened the US Dollar and caused a decline of the EUR/USD. However, the 1.0950/1.0965 range held a support from mid-Wednesday up to 08:00 GMT on Thursday. The support failed and was confirmed as resistance. Afterwards, the rate declined to the 1.0920 level.

A move of the pair below 1.0920 is set to immediately find support in the weekly simple pivot point at 1.0917 and the 1.0900 mark. If these levels fail to hold, the rate could easily decline to the weekly S1 simple pivot point at 1.0869 and the 1.0850 level.

In the meantime, a potential recovery of the Euro against the US Dollar is set to face the 200-hour simple moving average near 1.0940, before the pair reaches the 1.0950/1.0965 range and the 100-hour simple moving average. Above these levels, note the combination of the 50-hour SMA and the weekly R1 simple pivot point near 1.0980.
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