EUR/USD Analysis: Passes Resistance Of SMAs

Technical analysis of Forex market

On Friday morning, the EUR/USD currency exchange rate passed the resistance of the 55, 100 and 200-hour simple moving averages and reached the 1.1850 level.

In the near term future, the currency exchange rate could test the resistance of the weekly simple pivot point at the 1.1858 level. Above this level, the pair could test the July and August high level zone near 1.1900.

On the other hand, a decline of the rate would look for support in the 100 and 200-hour simple moving averages near 1.1840. Afterwards, the 55-hour SMA at 1.1825 might also provide support. Below the SMAs, the weekly S1 simple pivot point at 1.1806 could once again support the EUR/USD.