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EUR/USD Analysis: Faces Resistance Zone

On Friday morning, the EUR/USD currency exchange declined, as it had bounced off the this week’s high zone that surrounds the 1.1750 level.

In the case of the pair continuing to decline, it could find support in the 55 and 100-hour simple moving averages at 1.1725. Below these levels, the 1.1700 mark and the 61.80% Fibonacci retracement level could provide support.

On the other hand, a potential surge would test the 1.1750 level and the 200-hour simple moving average near 1.1755. Above these levels, the weekly simple pivot point provides resistance at 1.1766.