The release of the US Consumer Price Index on Tuesday at 12:30 GMT, caused a drop of the value of the USD. The EUR/USD rate surged and broke the upper trend line of the channel down pattern. By the middle of Wednesday's European trading hours, the pair had started to fluctuate near the 1.1830 mark.

If in the near term future, the EUR/USD pair surges, it would test the resistance of the 200-hour SMA and the weekly simple pivot point at 1.1836. Above these levels, the weekly R1 simple pivot point at 1.1869 could serve as a technical resistance.

On the other hand, the rate could decline. A potential decline most likely would look for support in the 55 and 100-hour simple moving averages at 1.1807 and 1.1815. Below these levels, the 1.1800 mark could provide support. It was spotted that this level provided support on Tuesday evening and Wednesday morning.



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.

Feed news

How do emotions affect trade?
Follow up our daily analysts guidance

Subscribe Today!    

Latest Forex Analysis

Latest Forex Analysis

Editors’ Picks

EUR/USD holds above 1.1700 but the upside is limited

The EUR/USD pair flirted with 1.1750 but was unable to retain its modest intraday gains. Now trading in the 1.1720 price zone, bears retain control ahead of the US central bank monetary policy decision.


GBP/USD: Pressure mounts ahead of central banks’ announcements

The Fed and the BoE will make announcements this week. UK public inflation expectations are up for this year and the upcoming ones. GBP/USD is technically bearish in the near term, poised to retest August monthly low.


Gold: Further advances depend on the Fed

A better market mood put pressure on the American currency. The US Federal Reserve will announce its monetary policy decision on Wednesday. Gold advanced for a second day in a row, but additional gains are in doubt.

Gold News

Shiba Inu bulls can't hold SHIB from dropping to $0.000006

Shiba Inu price has fallen -28% over the past four trading sessions. Bears remain in control as bulls fail to complete a breakout above $0.000008. Bulls must hold $0.000007 to prevent a drop towards $0.000006.

Read more

Fed Preview: Three ways in which Powell could down the dollar, and none is the dot-plot

No taper now, but when? That is the main question for the Fed in its all-important September meeting. The bank buys $120B worth of bonds every month and it is set to reduce the pace at some point – the first step toward raising interest rates. 

Read more