On Thursday, the support of the 55-hour simple moving average managed to push the EUR/USD up, as just before mid-day the rate started a surge. However, on Friday morning the rate bounced off the 1.1920 level and retraced back to the combined support of the 55-hour SMA and the zone near 1.1880.
If the 55-hour SMA and the 1.1880 support zone manages to provide enough support, the rate could resume its surge. A potential move up would test the resistance zone near 1.1940, where the March 22 high levels are located at. In the case of a larger move upwards, the rate could reach for the 1.2000 level.
A failure of the SMA and 1.1880 level could result in a decline to the support of the 100-hour SMA, the weekly S2 simple pivot point and a support zone in the range from 1.1855 to 1.1835.
