EUR/USD analysis: Remains in previous range
|EUR/USD
The EUR/USD has been trading between a support zone that surrounds the 1.1450 mark and a resistance zone at 1.1480, since the middle of Thursday's European trading. However, on Friday, the pair was approached by the additional support of the 50-hour simple moving average, which could push the rate up.
In the case of the 50-hour simple moving average pushing the rate up, the EUR/USD would test the resistance of the 1.1480 zone. Above the 1.1480 level, the 1.1500 might act as resistance. Higher above, note the weekly R3 simple pivot point at 1.1512.
On the other hand, a decline would have to pass the 1.1450 mark, the weekly R2 simple pivot point and the 50-hour SMA, before aiming at the weekly R1 simple pivot point at 1.1405. In addition, note that the weekly R1 could be soon supported by the 100-hour simple moving average.
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