EUR/USD analysis: Bounces off 1.1670
|EUR/USD
On Tuesday, the EUR/USD failed to surge, as the 1.1670 appeared to have provided the rate with resistance, which caused a decline. By the middle of Wednesday's trading, the pair had reached the last week's high-level zone, which provided support.
If the rate passes the support of the 1.1620/1.1625 zone, it could aim at the 1.1600 level before reaching the 200-hour SMA at 1.1588 and the weekly simple pivot point at 1.1584. In addition, take into account that the 1.1620/1.1625 zone is being strengthened by the 55 and 100-hour simple moving averages.
However, a recovery of the EUR/USD might find resistance in the weekly R1 simple pivot point at 1.1644. Above the pivot point, the 1.1670 might once again act as resistance.
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