Thu, Jan 20, 2022 @ 07:55 GMT
HomeContributorsTechnical AnalysisEUR/USD Finds Support In 1.1620 

EUR/USD Finds Support In 1.1620 

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 the 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.

Dukascopy Swiss FX Group
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.

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