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.
This overview can be used only for informational purposes. Dukascopy SA is not responsible for any losses arising from any investment based on any recommendation, forecast or other information herein contained.