Despite passing the resistance of the 1.1900 mark, the EUR/USD did not book large gains. The 1.1915 level provided resistance and stopped the rate’s surge. It was spotted on Wednesday that this level provided both support and resistance to the rate since the end of the last week. In the meantime, the rate was being approached by the 100-hour simple moving average.
In regards to the near term future, the rate could be pushed down by the 100-hour simple moving average, which on Wednesday morning was approaching the resistance of the 1.1915 level. A potential decline could once again test the support of the weekly S1 simple pivot point at 1.1838.
On the other hand, if the 1.1915 mark and the 100-hour SMA fail to provide resistance, the pair could aim first at the 1.1950 level and afterwards the weekly simple pivot point at 1.1976.
Written by Admin
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