EUR/USD analysis: Tests February high
|EUR/USD
The EUR/USD managed to surge by passing the 55-hour simple moving average. Support was provided by the 100-hour simple moving average. During the early Friday's European trading hours, the rate had reached the resistance of the 1.2240/1.2245 zone.
Note that the 1.2245 level is the February high level, which reversed the pair's recovery and caused a 4.30% decline.
In the case of the 1.2240/1.2245 zone holding, the rate could decline to the 55-hour simple moving average near 1.2210. Below this level, the weekly R1 simple pivot point at 1.2201 and the 1.2200 mark could provide support. In addition, the 100-hour simple moving average could support this level.
Moreover, a channel up pattern was spotted on Friday. The pattern captures the rate's surge since May 13. Take into account that the lower trend line of the pattern on Friday was crossing the 1.2200 level.
On the other hand, a potential breaking of the resistance of the 1.2240/1.2245 zone could result in a surge first to the 1.2250 level and afterwards the 1.2257 level, where the weekly R2 simple pivot point was located at.
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