EUR/USD analysis: Finds support in weekly pivot point
|EUR/USD
The decline of the EUR/USD currency exchange rate eventually reached the 1.1750 level, where it found support in the round exchange rate level and the weekly S2 simple pivot point. By zooming in the chart, it can be clearly observed that the rate bounced off exactly from the pivot point.
On Friday, the currency pair recovered and passed the resistance of the 1.1770, which slowed down the rate's recovery on Thursday. By the middle of European trading hours, the pair had reached the combined resistance of the weekly S1 simple pivot point at 1.1784 and the 55-hour simple moving average at 1.1790.
If the rate manages to break the resistance of the weekly S1 and the 55-hour SMA, the EUR/USD could surge to the 100-hour SMA at the 1.1800 level. Note that the 1.1800 level has been impacting the rate on its own, without the help of other technical indicators. In addition, take into account that a surge above the 200-hour SMA might reach the 200-hour SMA at 1.1815.
On the other hand, a bounce off from the described resistance levels could look for support first in the 1.1770 mark and afterwards the weekly S2 simple pivot point and the 1.1750 level.
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