The decline of the EUR/USD continued, as the 1.1800 level was passed on Thursday and the rate reached the 1.1762 level. The rate rebounded from the 1.1762 mark and began a recovery.
By the middle of Friday’s European trading hours, it appeared that the EUR/USD could test the resistance of the 1.1800 level. Take into account that the 1.1800 level’s resistance was set to be strengthened by the 55-hour simple moving average and the weekly S2 simple pivot point at 1.1808.
If these levels provide resistance, the rate would resume its decline and test first the support of the 1.1760 level and afterwards the weekly S3 pivot point at 1.1741.
On the other hand, in the case of the resistance failing, the pair would most likely look for resistance in the 1.1850 level and the 100-hour simple moving average.
Written by Admin
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