On Tuesday, the EUR/USD eventually passed the support of the weekly simple pivot point at 1.1858. By the middle of Wednesday’s European trading hours, the pair had reached the 1.1830 level.
In the case that the decline of the EUR/USD continues, the currency exchange rate would most likely aim at the weekly S1 simple pivot point at the 1.1806 level. In addition, the 1.1800 mark could provide additional support.
On the other hand, a recovery of the pair would likely encounter resistance in the 200-hour simple moving average at 1.1835. Above the 200-hour SMA, the pair might find resistance in the weekly simple pivot point at 1.1858 and the 55 and 100-hour simple moving averages at 1.1861 and 1.1866.
