On Friday, at 12:30 GMT, the release of US monthly employment data caused a surge, which broke the resistance of the 55 and 100-hour simple moving averages. By the middle of Monday’s European trading hours, the pair had reached the 1.1880 level and had no technical resistance as high as the 1.1900 level.
In the near term future, the rate was expected to test the resistance of the 1.1900 mark and the 200-hour simple moving average.
If the pair passes the resistance of the 1.1900 level, the rate would most likely aim at the resistance of the weekly R1 simple pivot point at 1.1939. Afterwards, the pair could reach for the 1.2000 mark.
On the other hand, a potential bounce off from the resistance of the 1.1900 level could look for support in the weekly simple pivot point at 1.1873, the 100-hour simple moving average at 1.1867 and the 55-hour SMA at 1.1852.
