Dukascopy Bank Team
Dukascopy Bank SA
EUR/USD
The EUR/USD has ended trading sideways in the range between the 1.1615/1.1625 and 1.1665/1.1670 zones. The rate ended the sideways trading by declining to the 1.1590 level.
The 1.1590 level provided the pair with the support that caused a retracement back to the 1.1615/1.1625 zone, which together with two hourly simple moving averages acted as a resistance. In the near term future, the pair could trade sideways between the 1.1590 and 1.1625 levels.
In the case of a surge above the 1.1615/1.1625 zone, the rate would immediately face resistance at the 1.1630 level, where the weekly simple pivot point and the 100-hour simple moving averages are located at.
However, a decline would look for support in the recent low levels at 1.1590/1.1595 and the weekly S1 simple pivot point. Passing of these levels might pause at the 1.1550 level before aiming at the weekly S2 simple pivot point at 1.1532.
This overview can be used only for informational purposes. Dukascopy SA is not responsible for any losses arising from any investment based on any recommendation, forecast or other information herein contained.
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