EUR/USD analysis: Finds resistance at 1.2070

Dukascopy Bank Team Dukascopy Bank SA

EUR/USD

Since the middle of Thursday's trading session, the EUR/USD has been trading below the resistance of the 1.2070 level. In the meantime, the rate almost fully ignored the resistance of the 200-hour simple moving average and the weekly simple pivot point near 1.2060.

In the near term future, the rate could bounce off the 1.2070 level and decline to the combined support of the 55 and 100-hour simple moving average near 1.2030. If these levels would be passed, the pair could reach for the support of the 1.2000 mark.

On the other hand, a potential surge above the 1.2070 mark would aim at the 1.2100 mark and afterwards the weekly R1 simple pivot point at 1.2109.

Author

Dukascopy Bank Team

Dukascopy Bank SA

Dukascopy Bank stands as an innovative Swiss online banking institution, with its headquarters situated in Geneva, Switzerland.

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