The EUR/USD has booked a new high level. Namely, the 1.1740 mark was almost reached on Tuesday. Although, the European single currency depreciated 0.26% during Wednesday’s morning hours getting the rate to 1.1670 level.
During the morning hours the rate had passed the support of a monthly pivot point and the 55-hour simple moving average near the 1.1680 mark. The rate was set to face the lower trend line of an ascending pattern. It is expected that the rate might bounce off the bottom of the junior ascending channel.
Meanwhile, besides the trend line, the nearest support level was the 100-hour SMA at 1.1630, while the most adjacent resistance level was the already mentioned 55-hour SMA.
