EUR/USD Analysis: Decline Finds Support

Technical analysis of Forex market

The decline of the EUR/USD resumed on Thursday. However, it immediately found support in the 1.1563/1.1568 zone. The zone held the pair up from 10:00 GMT up to 01:30 GMT, when a recovery appeared to have started.

During the early hours of Friday’s trading hours, the currency exchange rate was approaching the resistance of the 1.1600 level, which could be soon strengthened by the 55-hour simple moving average.

In the case that the pair breaks the resistance of the 1.1600 level and the 55-hour simple moving average, additional resistance could be found in the weekly S3 simple pivot point at 1.1613. Higher above, the weekly S2 and the 100-hour simple moving average might serve as resistance at 1.1648.

However, a potential decline of the pair would look for support in the 1.1563/1.1568 zone. Below the zone, there are no additional technical support levels. Note that the rate has not been this low since July 2020.