EUR/USD analysis: Finds support in 1.1620

Dukascopy Bank Team Dukascopy Bank SA

EUR/USD

The support zone of the last week's high and this week low levels kept the EUR/USD from declining. Namely, on Thursday, the rate found support in 1.1620 and started a recovery. By the middle of the day's European trading hours, the pair had recovered to the weekly R1 simple pivot point at 1.1644.

If the pair continues to recover, it would reach for this week's high level zone just below the 1.1670 mark. Above the 1.1670 level, the weekly R2 simple pivot point might serve as a resistance level at 1.1685.

On the other hand, a potential decline might find support first in the 100-hour simple moving average at 1.1635 before approaching the 1.1620 level. Note that a passing of the 1.1620 mark could result in the pair looking for support in the 200-hour simple moving average at 1.1608.

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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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