EUR/USD analysis: Breaks out of range

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.

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Dukascopy Bank Team

Dukascopy Bank SA

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