The EUR/USD declined below the support of the 50 and 100-hour simple moving averages and the 1.1300 level, on Thursday. By the middle of Friday” trading, the rate had found support in the weekly simple pivot point at 1.1282 and recovered to the two SMAs at the 1.1315 level.
In the case that the rate breaks the resistance of the 50 and 100-hour simple moving averages at 1.1315, a potential decline could test this week’s high levels at 1.1350, 1.1360 and 1.1380.
On the other hand, a decline might find support at the weekly simple pivot point at 1.1282 and the 200-hour simple moving average near 1.1280. Below these levels, the most close by support is the weekly S1 simple pivot point at 1.1231.
