EUR/USD analysis: Remains below 1.1750
|EUR/USD
The EUR/USD bounced off the resistance of the 1.1750 level on Tuesday. By the middle of Wednesday's trading hours, the rate had been fluctuating between the 1.1720 level and the 1.1740 level. Meanwhile, the rate was being approached by the resistance of the 100-hour simple moving average from above.
In the case that the rate surges above the resistance of the 100-hour SMA and the 1.1750 level, the weekly simple pivot point at 1.1766 could be targeted. In addition, note the approaching 200-hour SMA at 1.1775.
On the other hand, a decline below the 1.1720 level might once again look for support in the 1.1700 level and the 61.80% Fibonacci retracement level at 1.1707. Afterwards, a decline might reach the weekly S1 simple pivot point at 1.1686.
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