EUR/USD encounters resistance at 1.1200

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


During the Jackson Hole event, the Chairman of the Federal Reserve, Jerome Powell, stated that the central bank is set to cut interest rates. Due to this reason, the US Dollar's value plummeted. On the EUR/USD charts, it resulted in the pair breaking the 1.1160/1.1175 range. However, eventually the pair stopped at the 1.1200 mark.

On Monday, the currency rate was looking for support in the 1.1160/1.1175 zone. In the meantime, the rate was being approached by the 50 and 100-hour simple moving averages near 1.1150.

An extension of the Monday's decline, is expected to look for support in the 50 and 100-hour simple moving averages and the weekly simple pivot point at 1.1138. Below these levels, note the lower trend line of a channel up pattern. If the pattern is broken, the rate could look for support in the 1.1100 mark.

On the other hand, a resumption of the prior Euro surge against the USD might face the 1.1200 mark, before the pair approaches the upper trend line of the channel pattern and the weekly R1 simple pivot point at 1.1254.
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