During late Tuesday hours and early Wednesday’s trading, the EUR/USD reached both below support and above resistance. The pair reached two times below the support of the weekly simple pivot point at 1.1276. At mid-day on Wednesday, the pair had recovered and moved above the 1.1302/1.1305 resistance zone.
In the case that the pair surges, it could reach for the resistance of the weekly R1 simple pivot point at 1.1329. Above the pivot point, note the December high level resistance zone near the 1.1360 level.
On the other hand, a potential decline of the Euro against the USD would need to pass the recent low levels and the 1.1260 mark, before aiming at the December low level zone at 1.1228/1.1236.
