EUR/USD declines below 1.1200

Source: Dukascopy Bank SA
On Thursday morning, the year's trading started with the EUR/USD declining below the 1.1200 level. By the middle of the day, the rate was approaching the support of the 100-hour simple moving average. 

If the SMA provides technical support to the pair and stops the decline, the rate should fluctuate sideways just above the 1.1180 level or surge up to the resistance of the 1.1200 level.  

On the other hand, if the SMA fails to stop the fall, the rate would decline as low as 1.1150. Near that level the monthly pivot point is located at.
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