On Wednesday morning the common European currency pierced the long standing resistance against the US Dollar. However, the following surge was quickly stopped. It was stopped by the resistance of the pivot point at the 1.1682 level.
In the aftermath of the surge the rate plummeted down to trade near the support cluster that surrounded the 1.1640 mark. However, most of the support levels of the cluster were also pierced by 12:00 GMT.
If the 100-hour SMA will not hold at the 1.1630 mark, the rate would aim at declining down to the first support level at the 1.1569 level.
