EUR/USD analysis: Bounces off 1.1670

Dukascopy Bank Team Dukascopy Bank SA

EUR/USD

The EUR/USD made another attempt to pass the resistance of the 1.1670 level. The pair failed and began a decline. By the start of Thursday's US trading hours, the currency exchange rate fluctuated around the weekly R1 simple pivot point and the 55-hour simple moving average.

If the rate surges, it would once again test the resistance of the 1.1670 level. A passing of the 1.1670 mark could result in the rate reaching the weekly R2 simple pivot point at 1.1685.

On the other hand, a potential decline could look for support first in the 100-hour simple moving average near 1.1630. Afterward, the zone of the previous week's high levels and this week's low level might provide additional support at 1.1617/1.1625.

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Dukascopy Bank Team

Dukascopy Bank SA

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