EUR/USD Finds Support In Pivot Point

Technical analysis of Forex market

Since mid-Monday, the EUR/USD has been fluctuating between the support of the weekly simple pivot point at 1.1276 and the resistance of the 1.1302/1.1305 zone.

In the case that the rate drops below the weekly simple pivot point at 1.1276, a potential decline would have no support as low as the December low level zone at 1.1228/1.1236.

However, if the Euro surges against the US Dollar, a move above the 1.1302/1.1305 zone could aim at the weekly R1 simple pivot point at 1.1329. Higher above, note the December high level zone below 1.1360.