On Monday morning, the EUR/USD exchange rate declined below the pivot point that is located at the 1.1069 level. Although, the rate still faced various support levels, which could cause a continuation of a surge.
The currency exchange rate was set to look for technical support in the 55, 100 and 200-hour simple moving averages that are located from 1.1038 up to 1.1060. In addition, note that at 1.1038 this week’s pivot point is located at.
It is expected that the combination of these technical levels could push the EUR/USD up. In that case the rate would most likely pass the pivot point at 1.1069 and aim at the 1.1150 level.
On the other hand, a decline below the described support levels could cause a drop down to the 1.1000 mark.
