EUR/USD analysis: Returns to resistance

Dukascopy Bank Team Dukascopy Bank SA

The EUR/USD found support in the zone of the mid-April high levels before starting a surge. By the start of the Friday's US trading hours, the currency exchange rate had already reached the resistance of the weekly R2 simple pivot point, which reversed the rate's surge on April 20.

In the near term future, if the pair passes the resistance of the weekly S2 at the 1.2075 level, the rate could find resistance in 1.2080. If the 1.2080 level does not hold, the 1.2100 could be reached.

On the other hand, a decline would most likely look for support in the 55 and 100-hour simple moving average and the weekly R1 simple pivot point near 1.2030. If the 1.2030 support fails, the 200-hour SMA and the 1.2000 mark could reverse a decline.

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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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