The decline of the EUR/USD continued on Wednesday, as the rate eventually reached the support of the weekly S1 simple pivot point at 1.1806.
However, after touching the pivot point, the pair recovered to the 1.1830 level. Up to the middle of Thursday’s trading, the EUR/USD has been fluctuating sideways between the 1.1810 and 1.1830 levels.
In the case that the rate ends the sideways trading with a surge, the 55 and 200-hour simple moving averages near 1.1840 could provide resistance. Above these levels, the rate could find resistance in the 100-hour SMA and the weekly simple pivot point at 1.1855 and 1.1858.
On the other hand, a decline of the pair might find support in the weekly S1 simple pivot point at 1.1806 and the 1.1800 mark. Below the 1.1800 mark, the most close by technical level was the weekly S2 at 1.1731. Due to that reason, round exchange rate levels like the 1.1750 were more likely to provide support.
Written by Admin
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