EUR/USD traded below 1.1700

Source: Dukascopy Bank SA


The release of the US Federal Reserve Meeting Minutes caused volatility, which eventually lead to a decline below the 1.1700 mark. The decline was stopped by the weekly S1 simple pivot point at 1.1686.

Afterwards, at midnight to Thursday, the pair began a recovery. By the middle of the day, the recovery had reached the combined resistance of the 55 and 100-hour simple moving averages at 1.1720/1.1725.

If the rate manages to pass the resistance of the two hourly simple moving averages, the pair could reach and test the combined resistance of the 200-hour SMA and the weekly simple pivot point at 1.1766.

On the other hand, a bounce off from the SMAs would immediately find support in the 1.1700 mark and the 61.80% Fibonacci retracement level at 1.1707 before reaching the weekly S1 simple pivot point at 1.1686.
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