On Monday, as forecast, the EUR/USD tested the resistance of the 1.2000 mark. This level held and caused a drop of the EUR/USD. The decline of the rate was slowed down by the 55-hour SMA, which was also passed. Eventually, the rate reversed at the technical support of the 100-hour simple moving average.
In the near term future, the rate was expected to be pushed up by the 55 and 100-hour SMAs into another test of the resistance of the 1.2000 mark. If the resistance holds and the support of the SMAs gets passed, the rate would aim at the combined support of the weekly simple pivot point at 1.1910 and the 200-hour SMA, which is approaching the pivot point.
On the other hand, in the case of the resistance of the 1.2000 being broken, the rate would immediately find resistance in the weekly R1 simple pivot point at 1.2020.
