EUR/USD analysis: Remains in previous range

Dukascopy Bank Team Dukascopy Bank SA

EUR/USD

On Thursday, the EUR/USD currency exchange rate remained near previous day's trading levels, as the pair fluctuated between 1.1310 and 1.1350. In the meantime, the 100-hour simple moving average had caught up with the rate and provided support.

If the 100-hour simple moving average manages to push the EUR/USD up, the rate could pass the 1.1360 level and aim at the 1.1380 level. The 1.1360 provided resistance on Wednesday. Meanwhile, the 1.1380 acted as resistance during the high volatility that was caused by the head of Fed Jerome Powell.

On the other hand, a decline of the rate below the 100-hour SMA might result in a decline to the weekly simple pivot point at 1.1282 and the 200-hour simple moving average near 1.1272. However, take into account that the pivot point did not impact the rate during the first part of this week's trading.

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Dukascopy Bank Team

Dukascopy Bank SA

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