The EUR/USD currency exchange rate on Monday morning found support in the 55-hour simple moving average at 1.1590 and surged. Moreover, the resistance of the 1.1600 level was ignored.
In the case that the rate continues to surge, it would most likely encounter the resistance of 100-hour simple moving average near 1.1620, the weekly simple pivot point at 1.1631. Above these levels, the 200-hour SMA at 1.1670 might serve as resistance.
However, a decline of the pair would look for support in the 55-hour SMA at 1.1590. If the SMA fails to keep the pair up, the rate could look for support in the previous week’s low levels at 1.1563/1.1568.
