EUR/USD passes above 1.0700

Source: Dukascopy Bank SA


On April 23rd, the US Dollar dropped at 13:45 GMT. The drop was created by the publication of the United States Manufacturing and Services sector Purchasing Managers Indices. Released numbers showed a slowdown of US business activity.

The EUR/USD got the needed push up above the 1.0675/1.0690 range, the weekly R1 at 1.0695 and the 1.0700 mark. After fluctuating above these levels, on Wednesday, the pair was retracing and looking for support in the 1.0675/1.0690 range. In the meantime, the 50, 100 and 200-hour simple moving averages were expected to move upwards and strengthen the range.

In the case of a resumption of the Euro surge against the US Dollar, note that the rate could pause at this morning's high level at 1.0715. Higher above, the target could be the weekly R2 and R3 simple pivot point at 1.0737 and 1.0784.

However, a move below 1.0675/1.0690 could look for support in the 50, 100 and 200-hour simple moving averages, before the pair reaches the weekly simple pivot point at 1.0648. Below these levels, note the support zone that surrounds the 1.0600 mark and the weekly S1 simple pivot point.
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