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EUR/USD Analysis: Bounces Off Resistance Zone

On Monday morning, the EUR/USD made an attempt to pass the resistance zone of 1.1665/1.1670. The rate failed at its attempt and declined to the combined technical support of the 55 and 100-hour simple moving averages at 1.1640.

In the case of a surge, the pair would once again test the resistance of the 1.1665/1.1670 zone. A passing of the resistance zone might reach for the weekly R1 simple pivot point at 1.1687.

On the other hand, a decline below the 55 and 100-hour SMAs at 1.1640, could look for support in the weekly simple pivot point at 1.1630. Below the pivot point, the last week’s low level zone and the 200-hour SMA might act as support.

Dukascopy Swiss FX Group
Dukascopy Swiss FX Grouphttp://www.dukascopy.com/
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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