The single currency marked a slight decrease against the dollar on Thursday. The euro broke neutral two-day series and continued the negative trend from the end of last week. As a result, the support at 1.1085 was pierced. Expectations, however, remain in favor of the euro and bullish sentiment. Trading starts at a price of 1.1126, and the end of the day EUR/USD lost 21 pips. The bottom of the day was hit at 1.1071.
On the last Friday’s session the EURUSD initially fell but found enough support to turn around and closed near the high of the day, however closed within the previous day range, suggesting a weak bullish momentum.
The pair is trading below the 10-day moving average acting as dynamic resistance however is still trading above the 50 and the 200-day moving averages that are acting as dynamic support.
The key levels to watch are: The daily resistances at 1.1460, other daily resistance at 1.1237, the 10-day moving average at 1.1203 (resistance), a daily support at 1.1097, and the 200-day moving average at 1.1025 (support).
That was a turn of event EUR/USD suddenly fell 100 pips to stay above the support levels of 1.0990 which rebounded the price more than once since Dec. 2015, I Think I will wait till I see if the pair will break the support levels or will rebound.
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