EUR/USD declines below 1.0700

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


Throughout this week, US inflation was revealed to be higher than expected, despite rising inflation was already expected. This indicates that the FED has to hike rates, which is strengthening the USD. Meanwhile, the ECB is preparing to cut rates, as this week's ECB events have revealed that the worse off EU countries are pressuring the monetary policy committee to reduce pressure on debt.

Due to these reasons, the rate has already reached below 1.0700, compared to the near 1.0900 levels of April 9. During Friday's mid-trading hours, the rate had reached the weekly S2 simple pivot point at 1.0660.

A move below 1.0660 could look for support in the descending trend line that has provided support during the pair in March. However, the trend line could just slow down the rate until the pair reaches the 1.0600 mark and the weekly S3 simple pivot point at 1.0596.

On the other hand, a recovery of the Euro against the US Dollar could pause at the 1.0680 level, before testing the 1.0700 mark as resistance. Higher above, note the descending 50-hour simple moving average, the weekly S1 simple pivot point at 1.0748 and the 1.0750 level.
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