EUR/USD analysis: Passes support levels

Dukascopy Bank Team Dukascopy Bank SA

EUR/USD

On Thursday, the EUR/USD passed the support zone above the 1.2160 mark. It resulted in a decline, which by the middle of Friday's GMT trading hours had reached the 1.2105 level.

In the near term future, the currency exchange rate could look for support in the 1.2100 level, as round exchange rate levels have been providing impact on the rate.

In the case of the rate passing the support of the 1.2100 mark, the rate could reach the weekly S2 simple pivot point at 1.2064. Below this level, the 1.2050 mark might provide support.

Meanwhile, if the 1.2100 mark holds, the EUR/USD could recover. A potential recovery would most likely encounter resistance in the weekly S1 simple pivot point at 1.2129. Afterwards, the 1.2160 mark could provide resistance.

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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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